Scapia, the journey bank card firm created by Anil Goteti, Flipkart’s former senior vp, has secured $40 million in a Collection B spherical led by Peak XV Companions. The present buyers who participated within the spherical included Elevation Capital, Z47, and 3STATE Capital, in keeping with the agency’s announcement on April 3.
Goteti stated that the funds can be used to develop the employees, increase product choices, and combine AI-driven options.
Anil Goteti stated, “We’re going to make investments lots in product growth. We’re going to make investments lots in AI as properly. Numerous corporations are experimenting and exploring with AI. We have now a bunch of concepts that we’re going to check out as properly and see how that performs out for patrons.”
Scapia can also be prepared to accumulate corporations that present synergy.
Scapia was launched in June 2023 and has its headquarters in Bengaluru. It presents customers a co-branded bank card and an app to help them in turning their on a regular basis prices into advantages. These advantages are transformed into Scapia tokens, which can be utilized to e book accommodations and flights on-line.
Scapia’s co-branded card has no becoming a member of or yearly charges, and customers can get pleasure from a zero-forex markup and unrestricted home lounge entry for minimal month-to-month expenditure.
Scapia presents a co-branded bank card in partnership with Federal Financial institution and is trying to develop its banking community.
Buyers see a big alternative within the journey fintech sector, as Gen Z and millennials already account for half of all bank card issuances in India.
Scapia is well-positioned to seize a good portion of this increasing market, in keeping with Tejeshwi Sharma, managing director of Peak XV.
Scapia raised $9 million in its preliminary funding spherical, which was headed by Matrix Companions, in June 2023. The corporate raised $23 million in a Collection A fundraising spherical in November of that 12 months, with Elevation Capital and Binny Bansal’s fund 3State Ventures main the deal.
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