Scapia Nets $40 Mn From Peak XV, Others To Expand Travel Offerings

Former Flipkart executives’ travel fintech startup Scapia has secured $40 Mn (around INR 342 Cr) in a Series B funding round led by Peak XV Partners, along with participation from existing investors Elevation Capital, Z47 and Binny Bansal’s 3STATE Capital.

The startup plans to use the fresh capital for product development, team expansion and also integrate AI to further propel its growth chart.

Founded in 2022 by Flipkart’s former senior vice president Anil Goleti, Scapia offers co-branded credit cards in partnership with Federal Bank, especially designed for catering to the needs of GenZs and millennials travelers. The co-branded card, which works on the Visa network offers various rewards, including a zero-forex markup and unlimited domestic lounge access, among others.

The startup also has a travel app which allows users to book airline tickets, hotel properties and domestic transport options.

“Millennials and Gen Z are turning travel into a guilt-free, all-pleasure experience, which is setting the stage for rapid growth in the travel industry in India. Scapia is uniquely positioned to fuel this revolution by merging a booming travel market with an untapped credit card market to offer a unique and delightful experience to this customer base,” said Tejeshwi Sharma, managing director at Peak XV.

The development comes more than a year after the co-led by Elevation Capital and 3STATE Ventures. At the time the startup’s total funding stood at $32 Mn.

(The story will be updated soon)

The post appeared first on .