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Scapia raises $40 Mn in Series B led by Peak XV

EntrackrEntrackr · 3m ago
Scapia raises $40 Mn in Series B led by Peak XV
Medial

Scapia raises $40 Mn in Series B led by Peak XV Travel fintech company Scapia has raised $40 million in its Series B round led by Peak XV Partners, with participation from existing investors, Elevation Capital, Z47, and 3State Ventures. The funding will enable Scapia to strengthen its team, enhance its product offerings, harness the power of AI, and accelerate its ambitious growth plans, Scapia said in a press release. According to the company’s regulatory filings, it has secured Rs 289 crore ($34 million) so far, with the remaining funds expected soon. In this round, Peak XV Partners took the lead, investing Rs 218 crore ($25.6 million), followed by Elevation Capital with Rs 62.28 crore ($7.3 million) and 3State Ventures contributing Rs 8.65 crore ($1.02 million). According to a separate resolution, the Bengaluru-based company also expanded its ESOP pool by 3,460 ESOP options. The newly added ESOP will be valued at Rs 22 crore, while the total pool now stands at Rs 132 crore (approximately $15.5 million). Entrackr estimates that the company’s post-money valuation stands at Rs 1,645 crore or $193.5 million. The valuation may vary after completion of the round. Founded by Anil Goteti, Scapia operates as a fintech-travel platform, offering a lifetime-free credit card with travel rewards. It generates revenue through interchange fees, interest on EMIs, and partner commissions from travel bookings. Scapia’s co-branded card with Federal Bank offers great value with no joining or annual fees, zero forex markup, and free unlimited domestic lounge access and airport perks based on monthly spending. Cardholders get 10% rewards on all purchases and 20% rewards on travel bookings made through Scapia. Scapia has raised over $70 million to date, including its $23 million Series A round led by Elevation Capital and 3State Ventures in November 2023. According to startup data intelligence platform TheKredible, Peak XV Partners became the largest external shareholder with a 13.74% stake, followed by Matrix Partners at 13.68%. Its FY24 appeared to be the first operational year, recording a revenue of Rs 17 crore while incurring a loss of Rs 88 crore during the same period. The company competes with the likes of One Card, which posted Rs 1,425 crore revenue, and Zolve, which stood at a revenue of Rs 67.8 crore in the fiscal year ended March 2024.

Exclusive: Scaler to raise $40 Mn at reduced valuation

EntrackrEntrackr · 1m ago
Exclusive: Scaler to raise $40 Mn at reduced valuation
Medial

Exclusive: Scaler to raise $40 Mn at reduced valuation Upskilling platform Scaler is finalizing a $40 million fundraise, according to people familiar with the matter. This would be its first funding round in over three years, with the last one, a Series B, in February 2022. “Lighthouse is likely to lead a new funding round in Scaler, with some existing investors also participating. The deal is in its final stages and, barring any last-minute changes, is expected to close in a few weeks,” said a source requesting anonymity due to the private nature of the discussions. Scaler has so far raised over $75 million across rounds from the likes of Lightrock India, Peak XV Partners, and Tiger Global. The firm last raised $55 million in Series B in February 2022 at a valuation of $710 million. However, sources indicated that this will be a down round, with Scaler's valuation expected to plunge to $350–$370 million after the new funding. In response to Entrackr’s queries, Scaler said it does not comment on market speculation, while Peak XV declined to comment. Lighthouse had not responded by the time of publication. Scaler specializes in upskilling college students and technology professionals by offering an intensive six-month computer science program. The course is delivered through live classes led by experienced tech leaders and subject matter experts. While Scaler has yet to disclose its FY25 numbers, the company’s revenue from operations grew to Rs 384.5 crore in FY24 from Rs 316.7 crore in FY23. Optimization of major expense categories helped the company reduce its overall losses by 58% to Rs 139 crore in FY24. At the beginning of FY25, Scaler laid off around 150 employees citing long-term growth and sustainability. It competes with Newton School, Masai School, and to some extent with Simplilearn. Many growth and late-stage startups are operating in a challenging funding environment, raising capital at flat or reduced valuations.

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