Scapia, a credit card and travel rewards platform, has secured $9 million in a seed funding round led by Matrix Partners India, with participation from Tanglin Venture Partners and Binny Bansal’s 3STATE Ventures. This marks the second investment by Matrix, Tanglin, and 3STATE in the startup founded by former Flipkart Senior Vice President Anil Goteti. Their previous investment in Goteti’s first venture, Protonn, unfortunately ended with the closure of the company within a year of raising funds. Notably, Keki Mistry, CEO of HDFC Ltd, also joined as an angel investor in Scapia’s seed round.
Goteti, an experienced professional in the consumer tech industry, will utilize the capital infusion to scale the operations of Scapia and bolster its technological capabilities. Recently, the Bengaluru-based startup unveiled a co-branded digital credit card for travelers in collaboration with the Federal Bank. Through Scapia’s proprietary app, users can track their credit card spending and earn coins on transactions that can be redeemed for hotel and flight bookings within the same platform. The revenue model of Scapia relies on its co-branded partnership with the Federal Bank, encompassing a revenue-sharing agreement, as well as fees from partner brands on bookings.
Vikram Vaidyanathan, Managing Director of Matrix India, expressed enthusiasm for supporting Anil Goteti once again as he embarks on a new journey with the Scapia team. Vaidyanathan acknowledged Scapia’s innovative approach in enabling new travel experiences through a suite of fintech products, merging the realms of travel and finance. Recognizing the vast potential, Vaidyanathan highlighted that currently, less than 5% of the population in India possess credit cards, while projections indicate that the country will witness the circulation of 200 million credit cards by 2030.
The latest investment by Matrix Partners India, Tanglin Venture Partners, and 3STATE Ventures showcases their continued confidence in Anil Goteti’s vision and underscores the promising prospects of Scapia within the travel fintech space. With a strengthened financial foundation, Scapia is poised to expand its services and revolutionize the way individuals navigate their travel experiences while reaping the benefits of a comprehensive fintech ecosystem.
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