Speaking with ET, Anil Goteti, cofounder of the Bengaluru-based Scapia, said the company will use the fresh funds to expand its product portfolio across its financial services and travel segments.
Goteti did not disclose the exact amount that was put in by each of the investors, but said some had invested more to maintain their shareholding in the company on a pro-rata basis.
ET had first reported on the fundraise being in the works on March 15.
More partnerships on the anvil
“We are already working with Bobcard and Federal Bank. Going forward we should build deep integrations with one or two more banks,” Goteti said, on expanding the fintech’s banking partnerships.
Scapia’s core business model revolves around offering a co-branded credit card that offers additional points and rewards during travel, across hotel and flight bookings, and also at airport lounges. The platform offers all travel-related bookings to its users along with travel-focused merchandise.
Founded in 2022 by ex-Flipkart senior executive Goteti, Scapia has already raised $72 million till date. With this new infusion the total funding raised by the startup has gone up to $135 million. Elevation Capital and Tanglin Ventures are two of the fintech’s other investors.
Goteti did not detail the exact business metrics but said that the company has grown seven to eight times over the last one year. Its card is getting used 15 to 20 times a month and four to five times a year for travel-related expenses by each user.
Scapia wants to expand its commerce offerings as the company plans to offer a wide range of products for users specifically looking for travel merchandise.
“We also want to enter into lending in partnership with banks and NBFCs but we do not envisage setting up our own NBFC business in the near term,” said Goteti. Scapia recently became a third-party payment application on UPI.
The 250-member strong team at Scapia will be using the fresh funds to fuel the company’s ability to attract and retain top AI talent across engineering, product, data sciences and design. Goteti, however, did not disclose specific hiring plans for the fintech company.
