Heaptalk, Jakarta — India’s fintech for travelers platform Scapia has obtained new investment in a Series A funding round at US$23 million led by Elevation Capital and 3STATE Ventures. Multiple existing investors, covering Matrix Partners India and Tanglin Venture Partners, also back this round.
With this new funding accomplishment, Scapia startup will continue to enhance its customer base, augment more banking partners, and further strengthen its product suite, ensuring more travelers enjoy seamless and rewarding experiences.
According to the Representative of 3STATE Ventures, Binny Bansal, the rise of fintech in India continues to revolutionize, democratizing access to financial services and empowering millions. Among such innovations, Scapia stands out with its differentiated solutions tailored for travel, addressing a vital need for aspiring Indians.
Within five months of its establishment, Scapia has garnered widespread popularity and distributed its card with over 7,500 pin codes. On the other hand, around 40% of its platform users come from beyond the top 30 cities, underscoring Scapia’s rapid ascent in the country’s diverse financial landscape. Scapia’s user community, Scapia Tribe, has operated the app and card to travel across 50 countries in 5 continents.
The Founder of Scapia, Anil Goteti, voiced, “We’re thrilled by the customer affection and rapid growth Scapia has experienced since launch. This funding will fuel our efforts to grow our customer base, add more banking partners, and strengthen our product suite. We are grateful to our new and existing investors who believe in our vision and are helping us deliver a compelling proposition to our customers.”
The company has also built a travel platform within the app to enable customers to redeem their coins for flight and hotel bookings instantly. Scapia offers a wide selection across all global airlines and stays and hotels worldwide with the best prices at 5 lakh+, approximately (Rp500,000), easy cancellations, flexible rescheduling, and affordable payment options like Travel Now, Pay Later, and 24/7 customer service.
The Partner of Elevation Capital, Mridul Arora, also conveyed that Global travel has undeniably evolved into a ubiquitous phenomenon, witnessing a substantial increase among Indians recently. The customer interest we see in Scapia’s co-branded credit cards is a testament to the transformative power of fintech in making travel more accessible and delightful for Indians.
“We are excited to partner with Anil and his team as they develop strong fintech solutions that address the growing demands of today’s travelers by integrating user-centricity, experience, and financial empowerment,” added Arora.
