Scapia, the travel credit card company created by Anil Goteti, Flipkart’s former senior vice president, has secured $40 million in a Series B round led by Peak XV Partners. The current investors who participated in the round included Elevation Capital, Z47, and 3STATE Capital, according to the firm’s announcement on April 3.
Goteti said that the funds would be used to expand the staff, boost product offerings, and integrate AI-driven solutions.
Anil Goteti said, “We are going to invest a lot in product development. We are going to invest a lot in AI as well. A lot of companies are experimenting and exploring with AI. We have a bunch of ideas that we are going to try out as well and see how that plays out for customers.”
Scapia is also willing to acquire companies that provide synergy.
Scapia was introduced in June 2023 and has its headquarters in Bengaluru. It offers consumers a co-branded credit card and an app to assist them in turning their everyday costs into benefits. These benefits are converted into Scapia tokens, which can be used to book hotels and flights online.
Scapia’s co-branded card has no joining or yearly fees, and users can enjoy a zero-forex markup and unrestricted domestic lounge access for minimum monthly expenditure.
Scapia offers a co-branded credit card in partnership with Federal Bank and is looking to grow its banking network.
Investors see a significant opportunity in the travel fintech sector, as Gen Z and millennials already account for half of all credit card issuances in India.
Scapia is well-positioned to capture a significant portion of this expanding market, according to Tejeshwi Sharma, managing director of Peak XV.
Scapia raised $9 million in its initial investment round, which was headed by Matrix Partners, in June 2023. The company raised $23 million in a Series A fundraising round in November of that year, with Elevation Capital and Binny Bansal’s fund 3State Ventures leading the deal.
Tired of guessing stocks to trade in daily?
Unicorn Signals empowers you with powerful tools like daily stock scans for Intraday, Swing & Investing, Market Predictions and much more. Download the Unicorn Signals app today and take control of your investments!
