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Travel fintech Scapia raises $23 million in round led by Elevation Capital, Binny Bansal’s Three State Ventures, others
Economic Times
·
1y ago
Medial
Travel fintech Scapia has raised $23 million in a funding round led by Elevation Capital and Three State Ventures. The startup aims to provide financing options for the travel industry, including travel agencies and hotels. With this new funding, Scapia plans to expand its operations and further develop its technology platform to cater to the evolving needs of the travel sector.
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Scapia set to raise $20-25 Mn led by Binny Bansal’s fund
Entrackr
·
1y ago
Medial
Bengaluru-based travel fintech firm Scapia is in talks to secure a $20-25 million funding round, marking its second round in 2023. The funding is expected from 3STATE Ventures, Binny Bansal's new fund, with participation from existing backers Matrix and Tanglin. Scapia offers co-branded cards that turn everyday expenses into travel rewards, featuring benefits like zero-forex markup and unlimited domestic lounge access. The company's valuation is estimated to reach around $100 million post-funding.
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Peak XV Partners leads $40-mn Series B in Scapia
VCCircle
·
4m ago
Medial
Scapia, a travel fintech startup focused on co-branded credit cards for Gen Z and millennials, raised $40 million in a Series B funding round led by Peak XV Partners, with backing from Elevation Capital and others. The funding will enhance product offerings, leverage AI, and foster growth. Scapia's credit card offers no fees, high rewards, and exclusive travel benefits. The startup previously raised $23 million in Series A and $9 million in seed funding.
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Scapia raises $40 Mn in Series B led by Peak XV
Entrackr
·
4m ago
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.
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Travel fintech startup Scapia raises $40 million from Peak XV, existing investors
Economic Times
·
4m ago
Medial
Scapia, a travel-focused fintech startup, has raised $40 million in funding led by Peak XV Partners, with participation from Elevation Capital, Z47, and 3State Capital. Founded by Anil Goteti, the startup aims to capture young travel enthusiasts with its credit card offering. Following a temporary halt due to Federal Bank's regulatory issues, the company resumed operations and is focused on expanding its travel-centric financial products and customer base. Scapia offers benefits like no annual fees and travel-related perks.
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From Scapia To Kiwi — Indian Startups Raised $61 Mn This Week
Inc42
·
1y ago
Medial
Indian startups raised $61 Mn across 10 funding deals, a 38% week-on-week markup. The highest funding deal of the week was by fintech startup Scapia, which raised $23 Mn from Elevation Capital and 3STATE Ventures. The fintech sector emerged as the most funded sector, raising a total of $36 Mn across two deals. Ecommerce saw the highest deal count with five deals sealing $15.5 Mn. In terms of acquisitions, Adobe acquired Bengaluru-based AI-powered video creation platform Rephrase.ai.
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Binny Bansal’s Three State Ventures funds new startup OppDoor
Economic Times
·
1y ago
Medial
Flipkart founder, Binny Bansal, has invested nearly $2 million in his new venture, OppDoor, through his venture fund, Three State Ventures. OppDoor is a software services platform that aims to assist emerging online retail brands in expanding globally. The investment was made in multiple tranches over the past few months, with the latest cash infusion occurring in February. Bansal has been using capital from the sale of his Flipkart shares to fund his new ventures. OppDoor is currently providing ecommerce services to US brands on Amazon in international markets.
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Binny Bansal’s Three State Ventures Backs His New Startup OppDoor
Inc42
·
1y ago
Medial
Binny Bansal, co-founder of Flipkart, has invested $2 million (INR 16.5 crore) into OppDoor through investment vehicle Three State Ventures. OppDoor is a SaaS platform that assists e-commerce companies with expanding into new regions, offering services in advertising strategies and enhanced catalogues. Bansal resigned from the board of Flipkart due to a conflict of interest with OppDoor. Despite not operating in India, OppDoor serves clients in several countries. Bansal has also invested in other startups and launched B2B startup XTo10X Technologies.
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Nected raises $1.5 Mn led by Binny Bansal’s Three State Ventures
Entrackr
·
1y ago
Medial
Nected, a next-generation low-code platform, has raised $1.5 million in its seed round led by Binny Bansal’s Three State Ventures. The round saw participation from Endurance Capital, Relentless VC, Climber Capital, Lykke Capital, and Forward Slash Capital. Additionally, over 15 founders and CXOs participated in the round, including Nitin Gupta from PayU, Pallav Pandey from Uolo and Knowlarity, Archit Gupta from Clear, Tonmoy Shingal from Mettl, Ravi Bhushan from BrightCHAMPS, Akshay Saxena from Avanti Fellows, Puneet Kumar from Supr Daily (acquired by Swiggy), and Prashant Kumar from Unbxd. The proceeds will be used to enhance product usability, simplify integration, and scale operations to meet the growing demands of Nected’s user base, particularly on the international front. Founded by Prabhat Gupta and Mukul Bhati, Nected helps businesses overcome inefficiencies and inherent delays in traditional software development. It serves as a toolkit that provides pre-built tech building blocks such as rule engines, workflow automation, and A/B testing tools that saves companies time and money and keeps them from requiring additional technical expertise. The platform is currently used by over 20 customers spread across 5 countries. Prior to this, Prabhat Gupta co-founded TravelTriangle, an online travel marketplace while Mukul Bhati co-founded FastFox, a real-estate company, in 2015 and sold it to Elara Group (the parent company of Housing.com) in 2019.
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Federal Bank restarts co-branded credit card issuance with fintech startup Scapia
Economic Times
·
4m ago
Medial
Federal Bank has resumed issuing co-branded credit cards with fintech startup Scapia after a year-long pause due to regulatory intervention. This restart follows the Reserve Bank of India's approval, indicating potential further partnerships. Scapia, founded by Anil Goteti in 2022, focuses on offering travel-specific credit cards. The revival aids Scapia's operations and aligns with its goal to create a travel ecosystem. The move also positively impacts the fintech sector amidst increased regulatory scrutiny.
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Flipkart co-founder Binny Bansal invests Rs 200 crore more in cloud kitchen startup Curefoods
IndianStartupNews
·
1y ago
Medial
Bengaluru-based cloud kitchen startup Curefoods has secured an additional $25 million investment from Binny Bansal's Three State Ventures. This comes as part of an ongoing funding round, bringing Three State Ventures' total investment in Curefoods to $50 million. Curefoods plans to use the funds to expand its offline presence and strengthen its portfolio. Since its founding in 2020, Curefoods has rapidly grown to include over 200 cloud kitchens and offline stores across 15 cities in India. With this latest investment, Binny Bansal's stake in the company reaches 18%. Curefoods operates in a competitive market, but its strategic acquisitions and expansion plans have helped it become the second-largest brand in terms of revenue after Rebel Foods.
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