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Travel fintech startup Scapia raises $40 million from Peak XV, existing investors

Economic Times

Economic Times · 4m ago

Travel fintech startup Scapia raises $40 million from Peak XV, existing investors

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

Entrackr

Entrackr · 4m ago

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

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.

Peak XV Partners leads $40-mn Series B in Scapia

VCCircle

VCCircle · 4m ago

Peak XV Partners leads $40-mn Series B in Scapia

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.

Travel fintech Scapia raises $23 million in round led by Elevation Capital, Binny Bansal’s Three State Ventures, others

Economic Times

Economic Times · 1y ago

Travel fintech Scapia raises $23 million in round led by Elevation Capital, Binny Bansal’s Three State Ventures, others

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.

Visa processing firm Atlys eyes $15-18M raise from Peak XV, others

Inshorts · 1y ago

Visa processing firm Atlys eyes $15-18M raise from Peak XV, others

Travel tech startup Atlys, which counts Andreessen Horowitz, Elevation Capital, and South Park Commons among its investors, is reportedly in talks with existing investor Peak XV Partners and others to raise $15-18 Mn in its Series B round. The startup is eyeing a valuation of nearly $70 Mn, Entrackr reported. The funding round will be led by Peak XV.

Scapia set to raise $20-25 Mn led by Binny Bansal’s fund

Entrackr

Entrackr · 1y ago

Scapia set to raise $20-25 Mn led by Binny Bansal’s fund

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.

Bengaluru's D2C luggage brand Mokobara raises $12M in a Series B funding round

IndianStartupNews

IndianStartupNews · 1y ago

Bengaluru-based luggage brand, Mokobara, has secured $12 million in a Series B funding round led by Peak XV Partners, with participation from existing investors Sauce VC and Saama Capital. The startup plans to use the funding to expand its business operations in key markets such as Bengaluru, Delhi, and Mumbai, as well as increase its offline presence through new store openings. Mokobara offers a range of luggage and travel accessories, and has seen significant growth in operating revenue, though its losses have also increased. The funding round reflects growing investor interest in consumer brands, particularly those in the travel sector.

EV Startup Bounce Infinity In Talks To Raise Up To $40 Mn Funding

Inc42 · 1y ago

EV Startup Bounce Infinity In Talks To Raise Up To $40 Mn Funding

Bengaluru-based electric vehicle manufacturer Bounce Infinity is seeking to raise a funding round of $20 million to $40 million. The startup plans to use the funds to expand its manufacturing capacity, increase its B2B business, and explore international markets. While new investors will lead the funding round, existing investors such as Peak XV Partners, Accel Partners, and Falcon Edge will also participate. Bounce Infinity recently signed a $45 million agreement with Sun Mobility to deploy 30,000 electric scooters in key Indian markets.

Ixigo IPO may be another multibagger for Elevation Capital

The Arc Web

The Arc Web · 1y ago

Ixigo IPO may be another multibagger for Elevation Capital

Online travel aggregator Ixigo is set to launch its IPO with a target of raising Rs 740 crore ($89 million) primarily through a sale of shares by existing investors. The listing is expected to value Ixigo at Rs 3,600 crore ($430 million), a 20% increase from its previous valuation. The company aims to raise Rs 120 crore ($14 million) through a fresh issue of shares, while the remaining Rs 620 crore ($74 million) will come from the sale of shares by current backers. Elevation Capital, Peak XV Partners, and Micromax are among the existing investors selling their shares.

Federal Bank restarts co-branded credit card issuance with fintech startup Scapia

Economic Times

Economic Times · 4m ago

Federal Bank restarts co-branded credit card issuance with fintech startup Scapia

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.

Temasek-backed OneCard raises bridge funding, adds new investor on cap table

VCCircle

VCCircle · 8m ago

Temasek-backed OneCard raises bridge funding, adds new investor on cap table

FPL Technologies Pvt Ltd, the company behind fintech unicorn OneCard, is raising $28.5 million in a bridge funding round. Better Tomorrow Ventures is a new investor in this round, joining existing investors Peak XV Partners and Z47. The funding brings OneCard's valuation to $1.4 billion. The company started as a digital credit score platform before launching its metal credit card in 2020. OneCard has raised over $350 million in funding since its founding in 2019. In the last fiscal year, the company's net losses increased to INR 406 crore ($54.7 million).

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