Travel fintech startup Scapia has raised $9 million in a seed funding round led by Matrix Partners India, with participation from Tanglin Venture Partners, Binny Bansal’s 3STATE Ventures and notable angel investors such as Keki Mistry (CEO, HDFC Ltd).
The startup said it will use the raised capital to scale its operations further and invest in technological capabilities.
Scapia, which recently launched its co-branded credit card in partnership with Federal Bank, claims to have massive growth in customer sign-ups.
Founded by Anil Goteti, a former Senior Vice President of Flipkart, Scapia said it offers a travel co-branded credit card for travellers, which provides unparalleled rewards, including a zero-forex markup, unlimited domestic lounge access, zero joining & annual fees.
The co-branded card operates on the Visa network and offers a generous 10% reward on every transaction, minting these into Scapia coins, it said.
It has also built a travel platform within the app to enable customers to redeem their coins for flight and hotel bookings.
Scapia also claims to offer a wide selection across all global airlines and 5 lakh+ stays and hotels around the world with the best prices, easy cancellations, flexible rescheduling and affordable payment options like ‘Travel Now, Pay Later’ along with 24/7 customer service.
Anil Goteti, Founder of Scapia, said, “Millennials, with their considerable interest in travel, are looking for a primary card that can effectively reward them with travel benefits and perks. In addition, they want a delightful app with transparency and service that they can trust. We’re excited to partner with our investors to help us scale and meet these customer needs. We see a massive opportunity for Scapia - less than 5% of the population currently have credit cards and India is projected to have 200 million credit cards in circulation by 2030. ”
Vikram Vaidyanathan, Managing Director, Matrix Partners India, said, “We’re excited about backing Anil for the second time, as he embarks on a new journey with the Scapia team. We’re big believers in transaction credit and creating unique user journeys combining commerce and financing. Scapia has created one such user journey, enabling new travel experiences through a fintech suite of products, and a business model traversing both these sectors. We’re privileged to partner with this team, and the investor group, and wish them Godspeed on the launch!”