Document:

Exhibit 4.1

 

SPECIMEN UNIT CERTIFICATE

[__________] UNITS

U-[●]

SEE REVERSE FOR CERTAIN DEFINITIONS

 

CUSIP [●]

 

PAPAYA GROWTH OPPORTUNITY CORP. I

 

UNITS CONSISTING OF ONE SHARE OF CLASS A COMMON
STOCK AND ONE-HALF WARRANT

TO PURCHASE ONE SHARE OF CLASS A COMMON STOCK

 

THIS CERTIFIES THAT ______________ is the owner of _______________
Units.

 

Each Unit ("Unit") consists of one (1) share
of Class A common stock, $0.0001 par value per share (the "Common Stock"), of Papaya Growth Opportunity Corp.
I, a Delaware corporation (the "Corporation"), and one-half of one warrant (each, a "Warrant").
Each whole Warrant entitles the holder to purchase one (1) share of Common Stock for $11.50 per share (subject to adjustment). Each Warrant
will become exercisable thirty (30) days after the Corporation's consummation of a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar business combination, involving the Corporation and one or more businesses (a "Business
Combination"), and will expire unless exercised before 5:00 p.m., New York City Time, on the date that is five (5) years
after the date on which the Corporation consummates its initial Business Combination, or earlier upon redemption of all outstanding shares
of Common Stock included in the Units sold in the initial public offering by the Corporation of the Units (the "IPO")
or liquidation of the Corporation (the "Expiration Date"). The Warrant included in this Unit will not become exercisable
and will expire worthless in the event the Corporation fails to consummate a Business Combination within 18 months, which is extendable
at the option of Papaya Growth Opportunity I Sponsor, LLC to 21 months, of the date of the completion of the Corporation's IPO (excluding
any overallotment exercise).

 

The shares of Common Stock and Warrants comprising the Units represented
by this certificate are not transferable separately prior to the 52nd day following the date of the final prospectus relating to the IPO
unless Cantor Fitzgerald & Co., acting as representative of the underwriters, elects to allow separate trading earlier, subject to
the Corporation's filing of a Current Report on Form 8-K with the Securities and Exchange Commission containing an audited balance sheet
reflecting the Corporation's receipt of the gross proceeds of the offering and issuing a press release announcing when separate trading
will begin. The terms of the Warrants are governed by a Warrant Agreement, dated as of                , 2022, between the Corporation and Continental
Stock Transfer & Trust Company, as Warrant Agent, and are subject to the terms and provisions contained therein, all of which terms
and provisions the holder of this certificate consents to by acceptance hereof. Copies of the Warrant Agreement are on file at the office
of the Warrant Agent at 1 State Street Plaza, New York, New York 10004, and are available to any Warrant holder on written request and
without cost.

 

This certificate is not valid unless countersigned by the Transfer
Agent and Registrar of the Corporation.

 

Witness the facsimile signature of its duly authorized officers.

 

	 	 	 
	President	 	Secretary
	 	 	 
	Transfer Agent:	 	 
	 	 	 
	Name:	 	 
	Title:
	 	 

 

     

     

    

 

PAPAYA GROWTH OPPORTUNITY CORP. I

 

The Corporation will furnish without charge to each stockholder who
so requests, a statement of the powers, designations, preferences and relative, participating, optional or other special rights of each
class of shares or series thereof of the Corporation and the qualifications, limitations, or restrictions of such preferences and/or rights.
This certificate and the Units represented hereby are issued and shall be held subject to the terms and conditions applicable to the securities
underlying and comprising the Units, including, as applicable, the Certificate of Incorporation and all amendments thereto, the Warrant
Agreement and the resolutions of the Board of Directors providing for the issue of securities (copies of which may be obtained from the
secretary of the Corporation), to all of which the holder(s) of this certificate by acceptance hereof assent(s).

 

The following abbreviations, when used in the inscription on the face
of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations:

 

	 	 	 	 	 	 	 	 	 	 	 
	TEN COM	 	-	 	as tenants in common	 	UNIF GIFT MIN ACT	 	 	Custodian	 
	 	 	 	 	 	 	-	 	 	 	 
	 	 	 	 	 	 	 
	TEN ENT	 	-	 	as tenants by the entireties	 	 	(Cust)	 	 	(Minor)
	 	 	 	 	 	 	 
	JT TEN	 	-	 	as joint tenants with right of survivorship and not as tenants in common	 	 	
    Under Uniform

    Gifts to Minors

     
	 	 	 
	 	 	 	 	 
	 	 	 	 	 	 	Act	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	(State)	 

 

Additional abbreviations may also be used though
not in the above list.

 

For value received, ________________ hereby
sells, assigns and transfers unto

	 
	 
	 
	(PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER(S) OF ASSIGNEE(S))
	 
	 
	 

	(PLEASE PRINT OR TYPEWRITE NAME(S) AND ADDRESS(ES), INCLUDING ZIP CODE, OF ASSIGNEE(S))
	 
	 
	 
	 

 

_________________ Units represented by the within Certificate, and
do(es) hereby irrevocably constitute(s) and appoint(s) _______________________________ attorney to transfer the said Units on the books
of the within named Corporation with full power of substitution in the premises.

 

     

     

    

 

	 	 	 	 	 	 	 
	Dated :	 	 	 	 
	 	 	 	 
	 	 	 	 	Notice:	 	The signature(s) to this assignment must correspond with the name(s) as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.

 

	Signature(s) Guaranteed:	 	 	 	 
	 	 	 	 
	 	 	 	 	 
	
    THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION
    (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM,
    PURSUANT TO S.E.C. RULE 17Ad-15).
	 	 	 	 

 

As more fully described in the Corporation's final prospectus relating
to the IPO dated           , 2022, the holder(s) of this certificate shall be entitled to receive a pro-rata portion of funds from the trust account
referred to therein only in the event that (a) the Corporation redeems the shares of Common Stock sold in its initial public offering
because it does not acquire, engage in a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar
business combination, involving the Corporation and one or more businesses (a "Business Combination") within 18
months or 21 months, as applicable, from the date of the completion of the Corporation's initial public offering (excluding any overallotment
exercise), or (b) if the holder(s) seek(s) to redeem for cash his, her or its respective shares of Common Stock sold in the Corporation's
initial public offering ("Public Shares") in connection with (i) a tender offer (or proxy, solely in the event
the Corporation is required to seek stockholder approval of the proposed Business Combination) setting forth the details of a proposed
Business Combination or (ii) the Corporation seeking stockholder approval of an amendment to its Certificate of Incorporation (x) to modify
the timing or substance of its obligation to repurchase 100% of Public Shares if the Corporation does not complete an initial Business
Combination within the 18-month or 21-month, as applicable, timeframe or (y) with respect to any other provisions relating to stockholders'
rights or pre-initial Business Combination activity. In no other circumstances shall the holder(s) have any right or interest of any kind
in or to the trust account.Exhibit 4.2

	 	 	 
	NUMBER _____	 	______________ SHARES
	 
	SEE REVERSE FOR CERTAIN DEFINITIONS
	 
	
    CUSIP [●]

 

PAPAYA GROWTH OPPORTUNITY CORP. I

A DELAWARE CORPORATION

CLASS A COMMON STOCK

	 	 
	This Certifies
    that  	 

 

	is
    the owner of  
	 

 

FULLY PAID AND NON-ASSESSABLE SHARES OF CLASS A
COMMON STOCK, $0.0001 PAR VALUE

PER SHARE EACH, OF

 

PAPAYA GROWTH OPPORTUNITY CORP. I

(THE "CORPORATION")

 

transferable on the books of the Corporation in person or by duly authorized
attorney upon surrender of this certificate properly endorsed.

 

The Corporation must redeem all of its shares of Class A common stock
and liquidate if it is unable to complete an initial business combination within 18 months, which is extendable at the option of Papaya
Growth Opportunity I Sponsor, LLC to 21 months, from the date of the completion of the Corporation's initial public offering, as more
fully described in the Corporation's final prospectus relating to the initial public offering of its Class A common stock as a part of
the units being offered by it dated                , 2022.

 

This certificate is not valid unless countersigned by the Transfer
Agent and registered by the Registrar of the Corporation.

 

Witness the facsimile signatures of its duly authorized officers.

 

	 	 	 	 	 
	 	 	 	 	 
	President	 	 	 	Secretary
	 	 	 
	Transfer Agent:	 	 	 	 
	 	 	 
	 	 	 	 	 
	Name:	 	 	 	 
	
    Title:
	 	 	 	 

 

     

     

    

 

PAPAYA GROWTH OPPORTUNITY CORP. I

 

The Corporation will furnish without charge to each stockholder who
so requests the powers, designations, preferences and relative, participating, optional or other special rights of each class of shares
or series thereof of the Corporation and the qualifications, limitations, or restrictions of such preferences and/or rights. This certificate
and the shares represented hereby are issued and shall be held subject to all the provisions of the Certificate of Incorporation and all
amendments thereto and resolutions of the Board of Directors providing for the issue of securities (copies of which may be obtained from
the secretary of the Corporation), to all of which the holder(s) of this certificate by acceptance hereof assent(s).

 

The following abbreviations, when used in the inscription on the face
of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations:

	 	 	 	 	 	 	 	 	 	 	 
	TEN COM	 	-	 	as tenants in common	 	UNIF GIFT MIN ACT	 	 	Custodian	 
	 	 	 	 	 	 	-	 	 	 	 
	 	 	 	 	 	 	 
	TEN ENT	 	-	 	as tenants by the entireties	 	 	(Cust)	 	 	(Minor)
	 	 	 	 	 	 	 
	JT TEN	 	-	 	as joint tenants with right of survivorship and not as tenants in common	 	 	
    Under Uniform

    Gifts to Minors

     
	 	 	 
	 	 	 	 	 
	 	 	 	 	 	 	Act	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	(State)	 

 

Additional abbreviations may also be used though not in the above list.

 

For value received, ________________________ hereby sell(s),
assign(s) and transfer(s) unto

 

	 
	 
	 
	(PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER(S) OF ASSIGNEE(S))
	 
	 
	 
	(PLEASE PRINT OR TYPEWRITE NAME(S) AND ADDRESS(ES), INCLUDING ZIP CODE, OF ASSIGNEE(S))
	 
	 
	 
	 

 

	Shares of the capital stock represented by the within Certificate, and do(es) hereby irrevocably constitute(s) and appoint(s) attorney to transfer the said shares on the books of the within named Corporation with full power of substitution in the premises
	 
	Dated:
	 
	 
	 
	NOTICE: THE SIGNATURE(S) TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME(S) AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.
	 

 

Signature(s) Guaranteed By:

 

     

     

    

 

THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN
ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).

 

As more fully described in the Corporation's final prospectus dated               , 2022, the holder(s) of this certificate shall be entitled to receive a pro-rata portion of funds from the trust account referred to
therein only in the event that (a) the Corporation redeems the shares of Class A Common Stock sold in its initial public offering because
it does not acquire, engage in a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business
combination, involving the Corporation and one or more businesses (a "Business Combination") within 18 months
or 21 months, as applicable, from the date of the completion of the Corporation's initial public offering (excluding any overallotment
exercise), or (b) the holder(s) seek(s) to redeem for cash his, her or its respective shares of Class A Common Stock sold in the Corporation's
initial public offering ("Public Shares") in connection with (i) a tender offer (or proxy, solely in the event
the Corporation is required to seek stockholder approval of the proposed Business Combination) setting forth the details of a proposed
Business Combination or (ii) the Corporation seeking stockholder approval of an amendment to its Certificate of Incorporation (x) to modify
the timing or substance of its obligation to repurchase 100% of Public Shares if the Corporation does not complete an initial Business
Combination within the 18-month or 21-month, as applicable, timeframe or (y) with respect to any other provisions relating to stockholders'
rights or pre-initial Business Combination activity. In no other circumstances shall the holder(s) have any right or interest of any kind
in or to the trust account.

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