Scapia Raises $40 Million in Series B Funding Round
Travel fintech company Scapia has successfully raised $40 million in its Series B funding round, led by Peak XV Partners. This round saw participation from existing investors, including Elevation Capital, Z47, and 3State Ventures.
The funding aims to assist Scapia in expanding its workforce, improving its product range, leveraging AI technology, and furthering its ambitious growth objectives, as stated in a press release by Scapia.
According to the company’s regulatory filings, it has garnered Rs 289 crore ($34 million) to date, with the balance expected to be received shortly. In this investment round, Peak XV Partners played a crucial role, investing Rs 218 crore ($25.6 million), with Elevation Capital contributing Rs 62.28 crore ($7.3 million) and 3State Ventures adding Rs 8.65 crore ($1.02 million).
In a separate resolution, the Bengaluru-based company has also increased its Employee Stock Option Plan (ESOP) pool by 3,460 options. This latest addition to the ESOP pool is valued at Rs 22 crore, bringing the total value to Rs 132 crore (approximately $15.5 million).
According to startup valuation company Superb, the post-money valuation of Scapia is estimated at Rs 1,645 crore or $193.5 million, which may fluctuate as the funding round concludes.
Founded by Anil Goteti, Scapia functions as a fintech-travel platform, providing a lifetime-free credit card that rewards users with travel benefits. The company’s revenue streams include interchange fees, interest from EMIs, and commissions from travel bookings made through its platform.
Scapia’s co-branded card with Federal Bank offers exceptional value, featuring no joining or annual fees, no forex markup, and complimentary unlimited access to domestic lounges along with airport privileges based on monthly expenditure. Cardholders can earn 10% rewards on all purchases, and 20% rewards on travel bookings made via Scapia.
To date, Scapia has raised over $70 million, including a $23 million Series A round in November 2023, which was led by Elevation Capital and 3State Ventures. According to various sources from a startup data intelligence platform, Peak XV Partners now holds the position of the largest external shareholder with a 13.74% stake, closely followed by Matrix Partners with a 13.68% stake.
In FY24, Scapia recorded its first operational year, achieving revenue of Rs 17 crore while facing a loss of Rs 88 crore during the same period. The company faces competition from firms like One Card, which reported a revenue of Rs 1,425 crore, and Zolve, which generated revenue of Rs 67.8 crore in the fiscal year that ended in March 2024.