Posts in category: Press Releases

POP, a Bengaluru-based startup, has announced that it has closed a  $2.4 million seed funding round led by India Quotient and a few prominent angel investors recently.

The Bengaluru-based startup also announced that it had received approval as a Third-Party Application Provider (TPAP) from the National Payments Corporation of India (NPCI) to offer UPI payments via its POPclub app.

The company, in partnership with financial firms such as Yes Bank and Juspay, has built its UPI stack. The funding will help expedite the implementation of various initiatives, including the POP UPI service that will enable users to earn POPcoins, a shopping currency already used by 200+ online merchants, with every UPI transaction made through the POPclub app.

These POPcoins can be used to buy a wide range of products from all major direct-to-consumer (D2C) brands in categories such as beauty, personal care, electronics, fashion, and home goods- all housed within the POPclub app.

Bhargav Errangi, Founder of POP, said, “POP’s goal is to become the most sought-after go-to platform for payments and shopping for digitally active young Indians. As consumer behaviours evolve, we aim to provide innovative app experiences tailored to their interests in daily consumption.”

Unlike other UPI players, POP emphasises a 2% value back (via POPcoins) for every UPI transaction.  “POPcoins-led rewards offer a predictable and consistent reward promise compared to the luck-based and gamified models of other UPI apps. These POPcoins can be effectively used to purchase over 100,000 SKUs our target audience consumes. Our ambition is to position POPcoins as the shopping currency for purchasing the new-age products/services that resonate with evolving new-age Indian consumer’s preferences,” said Errangi, who has a track record of scaling Flipkart Supercoins in his previous role.

POP joins prominent players like Google Pay, PhonePe, WhatsApp, CRED, and Paytm as a third-party app authorised to provide UPI payments. Marketed as ‘Designed to reward,’ the POPclub UPI application is now rolled out with attractive launch offers and is now available to download on Google Play Store and Apple App Store.

Madhukar, General Partner at India Quotient, said, “Acquisition and retention are two most challenging problems for D2C and consumer brands. Very excited to partner with Bhargav and team to solve this very hard problem and enable thousands of consumer brands to acquire and retain customers at a fraction of current costs.”

Since its launch in early May 2023, POP has added over 200 brands to its network, including mCaffeine, HUL-owned Simple Skin Care, Adil Qadri, Anveshan, Two Brothers Organic Farms, and Epigamia. These brands have adopted POP’s rewards currency, POPcoins, replacing their traditional loyalty programs and points systems within the D2C world. POPcoins have engaged over four million customers within the network, and this number is expected to grow to over 500 brands and 10 million customers by the end of the year.

Cygnet.One, a leading technology firm providing compliance solutions to businesses globally, has strengthened its e-invoicing solutions by becoming a Peppol-certified service provider. It aims to disrupt e-invoicing by delivering seamless transactions across boundaries and fostering international business growth.

Peppol, a nonprofit organization registered in Belgium, integrates business processes by standardizing how information is structured and exchanged. Whether you are sending invoices or handling other business transactions, Peppol delivers a shared digital language for organizations worldwide.

With this certification, Cygnet.One will be able to reach out to customers across all Peppol member countries, including the USA, China, Japan, Singapore, Australia and many European countries.
Cygnet.One’s certification as a Peppol-certified service provider underscores its dedication to simplifying business operations worldwide.

“Countries across the globe are moving towards e-invoicing compliance. Adopting the Peppol framework within our solutions is the foundation for building and enabling e-invoicing. Multi-national corporations and exporters will now have the opportunity to leverage us as a Peppol Access Point and trade easily. This move will go hand-in-hand with euVAT, e-Invoicing, & other tech-enabled compliance products for Africa, Europe, GCC, India, Southeast Asia, and other regions,” said Niraj Hutheesing, Founder and Managing Director of Cygnet.One.

By partnering with Cygnet, businesses can sign a single agreement and gain access to the entire Peppol network, eliminating the complexities associated with multiple connections. The open four-corner model employed by Peppol ensures no roaming fees between access points, providing cost-effective solutions for businesses of all sizes.

With a focus on adherence to local regulations and standards, Cygnet. One ensures seamless integration with accounting software and ERPs.

Peppol brings a host of advantages that will transform the way businesses operate. With standardized formats for document exchange and data mapping, we’re ensuring consistency and efficiency across the board. This means smoother processes, fewer errors, and enhanced collaboration with partners worldwide.

Additionally, Peppol, with standardized data fields and formats, streamlines billing and invoicing processing, accelerating the payment cycle and improving cash flow management. Businesses can focus on growth and innovation by reducing delays and administrative burdens, driving success in today’s dynamic marketplace.

Cygnet.One holds a prominent position as a leading provider in India, Saudi Arabia, and Kenya. Cygnet. One has extended its footprint to include Malaysia, UAE, Australia, and all countries soon to mandate e-invoicing compliance. With a strong presence in these regions, Cygnet.One continues to set the standard for e-invoicing solutions.

As Peppol continues to gain traction as the global standard for electronic transactions, Cygnet.One invites businesses to join the revolution and embrace the future of global e-invoicing with its certification as a Peppol-certified service provider, Cygnet.One is committed to empowering businesses to thrive in an increasingly interconnected world.