Total amount raised
₹2.6 Billions
Latest funding date
11/1/2023
Location
Scapia has successfully raised $23 million in a Series A funding round, attracting notable investors such as Elevation Capital, Binny Bansal's Three State Ventures, Tanglin Venture Partners, and Matrix Partners India. The platform offers a unique credit card solution designed to help consumers manage their travel expenses efficiently.
Keep reading to explore the intricacies of Scapia's fundraising journey and the investors backing this innovative platform.
What Is Scapia?
Scapia, founded in January 2022, is based in Bangalore, Karnataka, India. The company was established by Anil Goteti and focuses on providing a credit card solution tailored for travelers.
Scapia's credit card offers numerous benefits, including zero joining fees, zero annual fees, and zero forex fees. Users can earn Scapia coins on every transaction, which can be redeemed for travel bookings through the Scapia app.
With a team of 101-250 employees, Scapia aims to simplify travel expenses for consumers, offering features like unlimited airport lounge access and a seamless rewards program.
How Much Funding Has Scapia Raised?
- Seed Round
- Amount Raised: ₹740M
- Date: June 2023
- Lead Investors: Z47
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support initial growth and development of the company's offerings.
- Series A
- Amount Raised: ₹1.9B
- Date: November 2023
- Lead Investors: Elevation Capital, 3STATE Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To grow the customer base, add more banking partners, and strengthen the product suite.
Scapia has raised a total of ₹2.64B in funding. The current valuation is not publicly disclosed.
Key Investors
- Elevation Capital
- Details: Elevation Capital is a venture capital firm that invests in early-stage startups. They have a strong presence in the Indian startup ecosystem.
- Investment Focus Areas: Technology, consumer, financial services.
- Notable Investments: Paytm, Swiggy, UrbanClap.
- 3STATE Ventures
- Details: 3STATE Ventures is an investment firm founded by Binny Bansal, co-founder of Flipkart. The firm focuses on supporting innovative startups.
- Investment Focus Areas: Technology, consumer internet.
- Notable Investments: Acko, Curefit, PhonePe.
- Matrix Partners India
- Details: Matrix Partners India is a venture capital firm that invests in early-stage companies in India. They have a diverse portfolio across various sectors.
- Investment Focus Areas: Technology, consumer, enterprise.
- Notable Investments: Ola, Practo, Dailyhunt.
- Tanglin Venture Partners
- Details: Tanglin Venture Partners is a venture capital firm that focuses on early-stage technology companies. They aim to support high-growth potential startups.
- Investment Focus Areas: Technology, consumer.
- Notable Investments: Bounce, Moglix.
- Z47
- Details: Z47 is a venture capital firm that participated in Scapia's seed round. They focus on early-stage investments.
- Investment Focus Areas: Not publicly disclosed.
- Notable Investments: Not publicly disclosed.
What's Next for Scapia?
Scapia's recent $23 million Series A funding opens up significant opportunities for the company to expand its customer base and enhance its product offerings. With the backing of prominent investors like Elevation Capital and 3STATE Ventures, Scapia is well-positioned to capitalize on the growing demand for travel-related financial products in India. The fintech sector's rapid growth and the increasing popularity of co-branded credit cards present a substantial market for Scapia to tap into.
Future fundraising opportunities seem promising, given the strong investor confidence and the company's ambitious growth plans. Scapia aims to onboard more banking partners and expand its geographical reach, which could attract further investment. However, the company may face challenges such as intense competition in the fintech space and the need to continuously innovate to meet customer expectations. Navigating regulatory changes and maintaining robust customer service will also be crucial for Scapia's sustained success.
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