Travel fintech company Scapia has raised $40 million in its Series B round led by Peak XV Partners, with participation from existing investors, Elevation Capital, Z47, and 3State Ventures.
The funding will enable Scapia to strengthen its team, enhance its product offerings, harness the power of AI and accelerate its ambitious growth plans, Scapia said in a press release.
According to the company’s regulatory filings, it has secured Rs 289 crore ($34 million) so far, with the remaining funds expected soon. In this round, Peak XV Partners took the lead, investing Rs 218 crore ($25.6 million), followed by Elevation Capital with Rs 62.28 crore ($7.3 million) and 3State Ventures contributing Rs 8.65 crore ($1.02 million).
According to a separate resolution, the Bengaluru-based company also expanded its ESOP pool by 3,460 ESOP options. The newly added ESOP will be valued at Rs 22 crore, while the total pool now stands at Rs 132 crore (approximately $15.5 million).
startupvichar estimates that the company’s post-money valuation stands at Rs 1,645 crore or $194 million.
Founded by Anil Goteti, Scapia operates as a fintech-travel platform, offering a lifetime-free credit card with travel rewards. It generates revenue through interchange fees, interest on EMIs, and partner commissions from travel bookings.
Scapia’s co-branded card with Federal Bank offers great value with no joining or annual fees, zero forex markup, and free unlimited domestic lounge access and airport perks based on monthly spending. Cardholders get 10% rewards on all purchases and 20% rewards on travel bookings made through Scapia.
Scapia has raised over $70 million to date, including its $23 million Series A round led by Elevation Capital and 3State Ventures in November 2023. According to startup data intelligence platform TheKredible, Peak XV Partners became the largest external shareholder with a 13.74% stake, followed by Matrix Partners at 13.68%.
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Its FY24 appeared to be the first operational year, recording a revenue of Rs 17 crore while incurring a loss of Rs 88 crore during the same period. The company competes with the likes of One Card, which posted Rs 1,425 crore revenue and Zolve, which stood at a revenue of Rs 67.8 crore in the fiscal year ended March 2024.