Scapia, a Bengaluru-based fintech company, has raised $40 million in a Series B funding round led by Peak XV Partners, with participation from existing investors Elevation Capital, Z47, and 3STATE Capital.
“In the past three years, we have built exceptional travel products, strong banking partnerships, and a talented team. This has rapidly positioned Scapia as the preferred co-branded card and travel app for Gen Z and millennials in India,” said Anil Goteti, Founder and CEO of Scapia.
He emphasized on how they are planning on accelerating their product roadmap and bringing more solutions to travelers with the support of Peak XV and our existing investors.
The travel fintech space presents a major opportunity, with credit card issuance to younger consumers accounting for 50% of the market. Analysts estimate that the segment could generate $80–100 billion in annual revenue by 2030.
“Scapia is positioned to fuel this by merging a booming travel market with an untapped credit card segment,” said Tejeshwi Sharma, Managing Director at Peak XV.
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%.
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.
