TLDR: Scapia, a Bengaluru-based travel fintech startup, has successfully raised $40 million in a Series B funding round. This capital injection, led by Peak XV Partners with participation from Elevation Capital, Z47, and 3STATE Capital, will be used to enhance product offerings, integrate artificial intelligence across operations, and scale its platform. The company aims to cater to the growing demand for travel-centric financial products among Gen Z and millennial users, offering a co-branded credit card with Federal Bank that provides zero fees, no forex markup, and attractive rewards, alongside a comprehensive travel booking app.
Bengaluru-based travel fintech innovator, Scapia, has announced a significant milestone, securing $40 million in a Series B funding round. The investment was spearheaded by Peak XV Partners, with notable contributions from Elevation Capital, Z47, and 3STATE Capital. This fresh infusion of capital is earmarked for strategic expansion, including bolstering its team, enriching its product portfolio, integrating artificial intelligence throughout its operations, and scaling its platform to meet escalating market demand.
Founded by former Flipkart executive Anil Goteti, Scapia has rapidly established itself as a preferred travel and credit card platform, particularly appealing to Gen Z and millennial demographics. Goteti, the CEO, stated, “With the support of Peak XV and our existing investors, we are poised to accelerate our product roadmap and deliver innovative solutions to travellers faster than ever before.”
The startup’s flagship offering is a co-branded credit card, developed in collaboration with Federal Bank. This card stands out with its consumer-friendly features: zero joining or annual fees, no forex markup, and enticing perks such as unlimited domestic lounge access and airport privileges, contingent on qualifying monthly spending. Cardholders are also incentivized with a 10% reward rate on everyday purchases, which escalates to 20% on travel bookings made directly through the Scapia platform. The company proudly reports that its cardholders have utilized the card for travel to over 100 countries in the past year.
Scapia’s comprehensive app facilitates seamless booking and rewards redemption across a vast network, including global airlines, over 500,000 hotel properties, visa services for 45 countries, and various domestic transport options. It also curates exclusive “Scapia Unmapped” experiences for its members. Further enhancing its financial flexibility, Scapia provides “Travel Now, Pay Later” financing options and ensures 24/7 customer support. In a recent strategic move, Scapia introduced a RuPay variant of its co-branded card with Federal Bank, aiming to tap into UPI-based transactions and broaden its footprint within India’s burgeoning digital payments ecosystem.
Tejeshwi Sharma, Managing Director at Peak XV, highlighted the market opportunity, noting, “Millennials and Gen Z are turning travel into a guilt-free, all-pleasure experience. Scapia is uniquely positioned to fuel this revolution by merging a booming travel market with an untapped credit card market.”
Vikram Vaidyanathan, Managing Director at Z47, praised Scapia for “transforming how the next generation of Indians travel and spend on experiences,” specifically mentioning innovations like airport privileges and a streamlined booking-to-reward journey.
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Mridul Arora, Partner at Elevation Capital, underscored the significant potential within the travel fintech sector, especially given that Gen Z and millennials now account for 50% of all credit card issuance in India. He projected an “$80–100 billion annual revenue opportunity by 2030” for this rapidly growing, digital-first consumer base. Arora added, “Scapia’s product-market fit positions them perfectly to capture an outsized share of this growing segment. Their co-branded card has tapped into exactly what the consumers want—zero joining & annual fees, no forex markup, and meaningful rewards that enhance the travel experience. We’re confident in Scapia’s continued momentum and pleased to strengthen our partnership with Anil and the team.”
