PC: India Tech Desk
Through its Series B funding round led by newly minted investors Peak XV Partners, Bengaluru travel fintech company Scapia’s $40 million has successfully raised to help it become a travel fintech giant. With Elevation Capital, Z47 and 3State Ventures among the existing investors on board, the new round of funding will spur the company towards creating a larger team, increasing its product range and boost its artificial intelligence skills with larger capabilities.
However, in recent regulatory filings, Scapia has garnered Rs 289 crore (roughly Rs 34 million) already, which is likely to be followed by the balance of the funds in the near future. The round was led by Rs 218 crore ($25.6 million) contribution made by Peak XV Partners, Rs 62.28 crore ($7.3 million) by Elevation Capital, and Rs 8.65 crore ($1.02 million) by 3State Ventures into the fund. The strategic infusions demonstrate the trust the key investors have in Scapia’s business model and its potential in the competitive market.
At the same time, the company has increased its pool for Employee Stock Ownership Plan (ESOP) options by 3,460. To increase the pool, the ESO tranche has been valued at ₹22 crore (nearly $3 million) and the total has increased to ₹132 crore (nearly $15.5 million). This is to further inspire its workforce and hedge their bets so that they have an interest in the long run success of the company and an environment that is conducive to growth and innovation.The calculation of post money valuation of Scapia by Entrackr, a startup data intelligence platform, pegs it at around Rs 1,645 crore (approximately $193.5 million), but this is likely to come down on the heels of the closure of the round. Scapia has raised more than $70 million since its creation, including its $23 million Series A round of Elevation Capital and 3State Ventures in November 2023.
Scapia is a unique fintech-travel platform founded by Anil Goteti which provides the lifetime free credit card, filled with travel rewards. The company has revenues from various channels including the interchange fees, interest on EMIs and partner commissions for travel bookings. Particularly appealing to those traveling is the co branded card with Federal Bank, which has zero joining or annual fees, zero forex markup, unlimited free domestic lounge access as well as other airport perks depending on monthly spend. In addition, the rewards program provides 10% rewards on all spends and 20% rewards on travel bookings made on the platform.
Scapia’s aim is to continue riding the success of the fintech and travel industry by competing with other established players in the market like One Card and Zolve. The company is set to grow very fast from FY24 where it had a Rs 17 crore revenue against a loss of Rs 88 crore in operational debut, backed with robust investor and an innovative approach.
