Travel fintech firm Scapia is in talks to mop up a new round to the tune of $20-25 million, sources aware of the development told Entrackr. This will be the second funding round for the Bengaluru-based startup in 2023.
“Scapia is finalising $20-25 million from Binny Bansal’s new fund 3STATE Ventures,” said one of the sources, requesting anonymity. “Other existing backers Matrix and Tanglin are also participating in the Series A financing.”
In June, Scapia scooped up $9 million in a seed round led by Matrix Partners India, with participation from Tanglin Venture Partners, and Binny Bansal’s 3STATE Ventures.
Founded by Anil Goteti, Scapia turns a customer’s everyday expenses into travel rewards with its co-branded card. The product provides rewards, including a zero-forex markup, unlimited domestic lounge access without any joining and annual fees.
The credit card was introduced in partnership with Federal Bank and is based on the VISA network. It offers a generous 10% reward on every transaction, converting them into Scapia coins.
Scapia has also built a travel platform within the app to enable customers to instantly redeem their coins for flight and hotel bookings. According to Scapia, it offers a wide selection across all global airlines and over 5 lakh stays and hotels around with travel now, pay later option.
“Scapia is likely to be valued at around $100 million (post money),” said another source who also requested not to be named. “The terms of the deal have been sealed and if nothing goes south at the last moment, the deal will be closed in a few weeks from now.”
Scapia declined to comment on the story while queries sent to 3STATE Ventures did not elicit an immediate response. We’ll update the post in case they do.
Goteti is the former vice president of Flipkart who also co-founded digital solutions startup Protonn in 2020. However, Protonn shut down its business in less than a year after raising $9 million in seed funding. Matrix, Tanglin and Binny Bansal had also invested in Protonn’s seed round.