Travel credit card startup Scapia raises $23 mn to expand business

Company has zero joining and annual fees, provides 10% reward on every card transaction

Scapia, a travel credit card startup, has raised $23 million in a funding round led by Elevation Capital and 3STATE Ventures, an investment firm of former Flipkart chief executive Binny Bansal.

The Series A round was attended by Scapia’s existing investors, Matrix Partners India and Tanglin Venture Partners.

Scapia, which is led by Flipkart’s former senior vice-president Anil Goteti, said it will use the investment to add more customers and banking partners and to strengthen its products.

"We are grateful to our new and existing investors who believe in our vision and are helping us deliver a compelling proposition to our customers,” said Goteti.

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Scapia’s co-branded card, built in partnership with Federal Bank, has zero joining and annual fees. The company provides a 10 per cent reward on every card transaction which can be converted into Scapia coins. Customers can redeem these coins in Scapia’s app for flight and hotel bookings.
 

The startup, which launched in June and is based in Bengaluru, said it has distributed cards in more than 7,500 pin codes in India. Scapia users have used the app and card to travel in 50 countries, said the company in a statement.

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“Scapia offers a wide selection across all global airlines and over five lakh stays and hotels worldwide with the best prices, easy cancellations, flexible rescheduling and affordable payment options like Travel Now, Pay Later, and 24/7 customer service, it said.

"The rise of fintech in India has been nothing short of revolutionary, democratising access to financial services and empowering millions. Among such innovations, 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.