Scapia Raises $23M: Bengaluru-Based Startup’s Growth
Scapia is a startup from Bengaluru that focuses on financial technology (fintech) and travel. Recently, the company raised $23
Scapia is a startup from Bengaluru that focuses on financial technology (fintech) and travel. Recently, the company raised $23 million in a Series A funding round, which is a big success for such a new company. Scapia’s main idea is simple: helping people earn travel rewards from their daily spending. The new funds will help Scapia grow and make its services even better.
What is Scapia?
Scapia was started in 2022 by Anil Goteti, who used to work at Flipkart as a top executive. Scapia gives people a fresh way to earn travel rewards by using a credit card for their daily expenses.
The company teamed up with Federal Bank to launch a credit card that lets users earn Scapia Coins with every purchase. These coins can later be used to pay for flights, hotel stays, and other travel expenses.
Scapia is successful because it focuses on a fast-growing area: travel. Many people in India now want cheaper ways to travel, and Scapia helps them earn rewards simply by spending money on everyday items.
The Series A Funding Round
In 2023, Scapia completed its $23 million Series A funding round, led by Elevation Capital and 3STATE Ventures. Other investors, like Matrix Partners India and Tanglin Venture Partners, also joined in. This round brought Scapia’s total funding to $32 million.
Anil Goteti, the founder, said the money will be used to attract more customers across India, especially in smaller cities. Scapia also wants to make deals with more banks to give people more financial options.
Scapia’s Quick Growth
Scapia’s co-branded credit card has reached over 7,500 places across India in just a few months. About 60% of customers are from large cities, while 40% come from smaller towns. The card is popular because of benefits like no extra fees for foreign currency use and access to airport lounges.
Scapia has attracted two main types of users: salaried employees and self-employed people. Around 75% of its customers are salaried workers, earning about INR 2 lakh a month on average. The remaining 25% are self-employed people who also like the travel rewards.
The number of credit cards in India is growing fast, expected to rise from 90 million to 250 million in the coming years. This creates a big chance for Scapia to grow even more.
Why Scapia is Different
Scapia stands out because it focuses on travel rewards, not just basic cashback or points. With Scapia, users earn coins that can be spent on flights, hotels, and other travel expenses. This is a huge benefit for people who love to travel but find it too expensive.
Another reason Scapia is different is that there are no extra fees when using the card abroad. This is great for frequent travelers, especially today when many people travel for both work and pleasure.
What’s Next for Scapia?
With the new funding, Scapia has big plans. First, they plan to hire more people. Right now, they have about 60 employees, but they aim to grow to 100 by the end of 2024. This will help them provide better service and support to their customers.
Scapia also plans to add new features to their product, making it more attractive to users. They want to team up with more banks, giving people more options to manage their finances. Scapia’s goal is to make using their card a smooth and rewarding experience for everyone.
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India’s Growing Travel and Fintech Markets
Scapia’s success shows how fast the travel and fintech markets are growing in India. As more people have extra money to spend, they want to travel and are looking for ways to make their trips cheaper. Credit cards that offer travel rewards are becoming more popular because people can earn points just by making purchases.
Fintech companies like Scapia are also making financial services easier for more people to access. With their co-branded credit card, Scapia is helping people enjoy travel without spending too much. This is important for younger generations, who want to explore the world but may not have as much money as older travelers.
Conclusion
Scapia’s $23 million Series A funding shows its potential in the travel and fintech industries. By turning daily spending into travel rewards, Scapia is set to grow even more in the future. With a focus on customer experience, strong partnerships with banks, and plans to expand, Scapia is an exciting company in India’s fintech market.
Scapia is helping people travel more while managing their money better. As the company grows, it will be interesting to see how it shapes the future of travel and fintech in India.
