Scapia raises $23 million led by Elevation Capital, Binny Bansal’s 3State Ventures

Anil Goteti_CEO_Scapia (1)

Scapia, the travel credit-card startup launched by Flipkart’s former senior vice president Anil Goteti, has raised $23 million in its Series A funding round led by Elevation Capital and Binny Bansal’s fund 3State Ventures.

The round also saw participation from its existing investors Matrix Partners India and Tanglin Venture Partners.

“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,” founder and CEO Goteti told Moneycontrol.

The firm also plans to add more banking partners. At present, it has a tie-up with Federal Bank for credit cards. The firm is looking to hire more talent in product and tech development areas, it said.

Scapia is also looking to diversify its product and enter personal loan and travel insurance business by 2024.

The Bengaluru-headquartered Scapia was in stealth mode over the last year and was launched on June 15. It offers a co-branded credit card and an app for customers to turn their daily expenses into rewards. These rewards turn into Scapia coins, which can be utilised to book hotels and flights online.

Scapia’s co-branded card comes with zero joining and annual fees, offering a zero-forex markup and unlimited domestic lounge access to its users on minimum monthly expenditure.

“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,” Goteti added.

In 2021, Goteti founded Protonn, a platform built for independent professionals like lawyers and graphic designers to launch their businesses online or create content.

Goteti, however, shut down the business and returned the capital to its investors in 2022 as it was not able to find the right product-market fit (PMF) and expand.

In June 2023, Scapia raised $9 million in its seed funding round led by Matrix Partners India.

"The rise of fintech in India has been nothing short of revolutionary… Scapia stands out with its differentiated solutions tailored for travel, addressing a vital need for aspiring Indians. We are excited by Scapia's progress in a short time and happy to continue our commitment to the company,” said Bansal, who co-founded Flipkart.

Scapia competes with fintech firms like Niyo, OneCard and Uni.