Latest Funding News: Bengaluru-based travel fintech startup Scapia has successfully raised $9 million in a seed funding round led by Matrix Partners India. Tanglin Venture Partners and Binny Bansal’s 3STATE Ventures also participated in the investment, showing their confidence in the venture helmed by former Flipkart Senior Vice President Anil Goteti. Notably, this is the second time that Matrix, Tanglin, and 3STATE have invested in Goteti’s entrepreneurial endeavours. Their previous collaboration, Protonn, unfortunately, had to close down within a year of raising funds.
In addition to the aforementioned investors, angel investors like Keki Mistry, the CEO of HDFC Ltd, also joined the seed round for Scapia.
Scapia, founded by the seasoned consumer tech veteran Anil Goteti, aims to utilize the raised capital to expand its operations and enhance its technological capabilities.
Recently, the startup unveiled a co-branded digital credit card designed specifically for travellers. This initiative was launched in collaboration with the Federal Bank. Scapia’s in-house application enables customers to conveniently track their credit card spending and offers rewards in the form of coins for transactions. These coins can then be redeemed for hotel and flight bookings directly through the app.
Scapia generates revenue through its co-branded partnership with the Federal Bank, based on a revenue-sharing agreement, as well as fees obtained from partner brands for bookings made through their platform.
Vikram Vaidyanathan, the Managing Partner of Matrix India, expressed his enthusiasm for supporting Anil Goteti for the second time, highlighting the innovative user journey created by Scapia. The startup’s fintech suite of products and its business model, which spans the travel and fintech sectors, hold promising potential for new travel experiences.
Vaidyanathan also emphasized the enormous opportunity for Scapia, considering that currently, less than 5% of the population in India possesses credit cards. It is projected that by 2030, the country will have 200 million credit cards in circulation, indicating a significant market for Scapia to tap into.
Kukla Times will continue to monitor the progress of Scapia as it embarks on its exciting new journey with the backing of prominent investors and a vision to revolutionize the travel and fintech sectors.