2 weeks Ago
Travel-focused fintech startup Scapia, founded by former Flipkart senior executive Anil Goteti, has secured $40 million in an equity funding round led by Peak XV Partners, with existing investors Elevation Capital, Z47 and 3State Capital participating.ET had reported on January 15 that this deal was in the works.Scapia is making a comeback of sorts after almost stopping services in the wake of a major business slowdown.
The fintech’s partner, Federal Bank, had been barred from offering co-branded cards by the RBI on March 13. The move impacted its fintech partners like Scapia, OneCard which were issuing co-branded credit cards, powered by Federal Bank, to acquire customers.ET reported on March 18 that Federal Bank had received RBI approval to restart this product and Scapia had started onboarding customers from February end.
The company said that it wants to tap into the growing base of young Indians who love to travel and acquire them as its customers through a credit card, which rewards spends undertaken during holidays.“Over the past three years, we have focused on creating exceptional travel products, forging strong banking partnerships, and building a talented team. With the support of Peak XV and our existing investors, we are poised to accelerate our product roadmap and deliver innovative solutions to travellers faster than ever before, said Goteti, who is also the chief executive officer of Scapia.
The startup offers such as a zero joining or annual fee, complimentary lounge access and other such offers with its card. Additionally the app also offers pay-later options for travel bookings, hotel reservations and visas for more than 45 countries.Founded in 2022, Scapia has raised $32 million since inception.
The company had closed financial year 2024 with total revenue of Rs 24 crore and a net loss of Rs 88 crore..
