Travel fintech Scapia raises $23 million in round led by Elevation Capital, Binny Bansal’s Three State Ventures, others

Scapia, a travel fintech startup founded by Anil Goteti, a former senior executive at Flipkart, has raised $23 million in a fresh round of funding led by Elevation Capital and Flipkart co-founder Binny Bansal’s Three State Ventures. The round also saw participation from existing investors such as Matrix Partners and Tanglin Venture Partners.

The fundraise follows in Scapia's Seed round of $9 million June. Bansal’s Three State Ventures had participated in the previous funding round as well.

“This funding will fuel our efforts to grow our customer base, add more banking partners and strengthen our product suite. We are looking at lending and cross selling that to our users," Goteti told ET. Majority of Scapia’s customers belong to the 26-35 age group, he added.


Essentially, Scapia features a credit card and an app that allows customers to earn points earned on card spends and redeem them for flights and hotel stays worldwide. The startup partnered with Federal Bank, which runs on the Visa network.

“We are in talks with more partners for the next stage of growth and expansion,” Goteti said. According to the company, over 40% of its users are from beyond the top 30 cities in India.

“Global travel has undeniably evolved into a ubiquitous phenomenon, witnessing a substantial increase among Indians in recent times. The customer interest we see in Scapia’s co-branded credit cards is a testament to the transformative power of fintech in making travel more accessible and delightful for Indians,” said Mridul Arora, partner, Elevation Capital.

“Scapia stands out with its differentiated solutions tailored for travel, addressing a vital need for aspiring Indians,” said Bansal.

Scapia said its card comes without any joining and annual fees, and offers a zero-forex markup with unlimited domestic lounge access for its customers. It also provides a 10% reward on every transaction, which can be converted into Scapia coins.

Goteti, who led some of Flipkart’s key businesses such as mobile phones, home and furniture categories, quit the e-commerce firm in November 2020 after an eight-year stint and set up Protonn the following year. However, Protonn shut as it could not find the right product-market fit and returned the capital to investors.