Scapia’s Funding Round Boosts Travel Fintech Growth

Travel fintech startup Scapia has been actively securing capital to broaden its operations beyond the credit card sector and establish a comprehensive travel ecosystem. Over the last year, the company has obtained more than $100 million in investment, including a recent $63 million Series C funding round led by General Catalyst, with involvement from returning investors Peak XV Partners and Z47. This funding round has elevated Scapia’s valuation to over three times that of its previous $40 million round from April last year.

To delve into the Bengaluru-based firm’s latest Series C funding, Startup Superb analysed its regulatory filings, focusing on elements such as the structure of the round, shareholding, and valuation. Scapia’s board has distributed 34,744 Series C preference shares at an issuance price of Rs 1,72,128 per share, raising Rs 598 crore, equivalent to $63 million, according to the company’s filings with the Registrar of Companies (RoC).

New investor General Catalyst led this round with a contribution of Rs 474 crore (approximately $50 million), thus securing a position on Scapia’s cap table. Existing investors Peak XV Partners and Z47 also joined in, with investments of Rs 76 crore ($8 million) and Rs 46.6 crore ($5 million), respectively. Angel Investor Arjun Chowdhary also participated in this round.

Startup Superb estimates that Scapia’s post-money valuation surged over three times to Rs 5,122 crore ($539 million) from Rs 1,645 crore following its previous $40 million Series B round. The company indicated that a significant portion of this new capital will be dedicated to building an AI-native organisation and recruiting talent across engineering, product development, data science, and design roles.

Additionally, according to a distinct resolution, the firm has augmented its Employee Stock Option Plan (ESOP) pool by incorporating 4,731 stock options. With the latest valuation, these newly issued options are estimated to be valued at around Rs 81.4 crore, bringing the total ESOP pool value to Rs 432.5 crore (approximately $45.5 million).

With this latest financing, Scapia’s cumulative funding has reached nearly $135 million, which includes its $23 million Series A round led by Elevation Capital and 3State Ventures in November 2023. Following the Series C allotment, Z47 has emerged as the largest external shareholder with a 15.47% stake, succeeded by Peak XV Partners at 12.97%. Elevation Capital holds a 10% stake, while new investor General Catalyst acquired a 9.26% stake. Founder Anil Goteti remains the predominant shareholder, maintaining a 33.6% stake in the company.

Launched by Anil Goteti in 2022, Scapia is a travel fintech startup providing co-branded credit cards in collaboration with Federal Bank and Bank of Baroda. The company has expanded its offerings beyond credit cards, venturing into a broader travel ecosystem with solutions such as Scapia Pay, add-on cards, BBPS-based bill payments, Scapia Store, and Scapia Experiences.

For the fiscal year ending March 2025, the company reported an increase in operating revenue to Rs 29 crore from Rs 17 crore in FY24. Meanwhile, its net loss reduced to Rs 83 crore in FY25 compared to Rs 88 crore in the preceding fiscal year.