Scapia a Bengaluru-based travel fintech startup has raised $40 million in a Series B funding round led by Peak XV Partners. Existing investors Elevation Capital, Z47, and 3State Ventures participated. The funding will enhance Scapia’s product offerings, integrate artificial intelligence (AI) into its operations, expand its team, and accelerate growth initiatives.
Founded in 2022 by former Flipkart executive Anil Goteti, Scapia has carved a niche in the travel-focused fintech space with its co-branded credit card developed in partnership with Federal Bank. The card offers unique benefits such as zero joining and annual fees, no forex markup, unlimited complimentary domestic lounge access, and rewards of up to 20% on travel bookings made through the Scapia app. Over the past year, Scapia’s cardholders have traveled to more than 100 countries using its platform.
The Series B funding comes at a pivotal moment for the company. In 2023, Scapia raised $23 million in its Series A round, which was led by Elevation Capital and 3State Ventures. Despite regulatory challenges in the past year—such as the Reserve Bank of India’s (RBI) temporary restriction on Federal Bank issuing new co-branded credit cards—the company has demonstrated resilience and continued growth.
“With the support of Peak XV and our existing investors, we are poised to accelerate our product roadmap and deliver innovative solutions to travelers faster than ever before,” said Anil Goteti, Founder and CEO of Scapia. He emphasized the company’s focus on building exceptional travel products, forging strong banking partnerships, and assembling a talented team over the past three years.
Scapia’s latest funding round also saw significant contributions from Peak XV Partners, which invested ₹218 crore ($25.6 million), followed by Elevation Capital with ₹62.28 crore ($7.3 million) and 3State Ventures contributing ₹8.65 crore ($1.02 million). According to regulatory filings, the company has secured ₹289 crore ($34 million) so far from this round, with additional funds expected soon. The startup’s post-money valuation is estimated at ₹1,645 crore ($194 million).
The fintech firm plans to use AI to streamline customer support and operational processes while expanding its team by at least 50% over the next year. Additionally, Scapia is looking to grow its co-branded credit card portfolio by partnering with more banks.
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The Indian travel fintech market is booming as millennials and Gen Z increasingly adopt digital-first financial products. This demographic shift represents an $80–100 billion annual revenue opportunity by 2030. Scapia aims to capitalize on this trend by merging a growing travel market with an untapped credit card segment to deliver a seamless experience for modern consumers.
With over $70 million raised to date, Scapia is well-positioned to scale its operations and strengthen its leadership in India’s travel-focused fintech space.
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