Scapia Secures $23 Million in Series A Funding to Fuel Expansion and Diversification
In a significant development for the burgeoning travel credit-card sector, Scapia, the startup founded by Anil Goteti, former senior vice president at Flipkart, has successfully raised $23 million in its Series A funding round. Elevation Capital and 3State Ventures, spearheaded by Binny Bansal, played pivotal roles as lead investors, with contributions from existing backers Matrix Partners India and Tanglin Venture Partners.
Scapia, headquartered in Bengaluru, emerged from stealth mode in June 2023, quickly making waves in the industry with its innovative approach to travel-centric credit cards. The latest funding injection is poised to propel Scapia to new heights, with strategic plans to enhance its customer base, diversify its product suite, and onboard additional banking partners.
Scapia CEO Anil Goteti
Anil Goteti, the Founder and CEO of Scapia, expressed enthusiasm about the future, stating, “There is a massive opportunity for us, and we will use the funds to grow our customer base. We will also look at diversifying our product suite and add more services like personal loans and travel insurance by next year.”
Scapia’s unique proposition revolves around a co-branded credit card and an accompanying app designed to transform daily expenses into lucrative rewards. These rewards, termed Scapia coins, can be redeemed for hotel stays and flight bookings through the app. The co-branded card offers a host of benefits, including zero joining and annual fees, zero-forex markup, and unlimited domestic lounge access for users meeting the minimum monthly expenditure criteria.
Collaboration with Federal Bank
The startup’s strategic collaboration with Federal Bank has yielded the Federal Scapia Co-branded Credit Card, catering to travel enthusiasts seeking a seamless blend of financial convenience and wanderlust fulfillment. The card, available through Scapia’s app with a hassle-free digital onboarding process, underscores the company’s commitment to providing a modern and efficient user experience.
Scapia journey and vision
Scapia’s journey to this funding milestone began earlier in the year when it secured $9 million in a seed round led by Matrix Partners India. Tanglin Venture Partners, Binny Bansal’s 3STATE Ventures, and prominent angel investors, including Keki Mistry, CEO of HDFC Ltd., also participated in the initial round.
An essential aspect of Scapia’s vision is to tap into the evolving consumer landscape, with a notable emphasis on expanding beyond metro and Tier-I cities. Goteti highlighted, “There is very good demand from Metro and Tier-I cities, but we are also seeing traction from deeper parts of the cities, which is a great sign of how our country is growing and the disposable income rising across the country. We are placed well in this scenario.”
As part of its growth strategy, Scapia plans to recruit top-tier talent in product development and technology, further fortifying its position in the competitive fintech landscape. With the infusion of Series A funds, Scapia is gearing up to chart a trajectory of sustained success, capitalizing on the increasing affinity for innovative financial solutions in the travel domain.