Scapia, a travel fintech company, has secured $40 million in Series B funding led by Peak XV Partners, per an announcement. The round also saw the participation of existing backers, namely Elevation Capital, Z47, and 3STATE Capital.
The funding will help it strengthen the team, enhance its product offerings, and harness the power of AI as it looks to accelerate its growth plans, said Scapia.
The funding goes on to demonstrate demand for its co-branded credit card, which in turn is driven by surging consumer appetite for travel to meet GenZ and millennial needs.
“Over the past three years, we have focused on creating exceptional travel products, forging strong banking partnerships… this has positioned Scapia as the preferred co-branded card and travel app for Gen Z and Millennials,” said Anil Goteti, founder & CEO at Scapia.
Millennials and GenZ are increasingly turning travel into a guilt-free, all-pleasure experience, which is setting the stage for rapid growth in the travel industry in India.
“Scapia is uniquely positioned to fuel this revolution by merging a booming travel market with an untapped credit card market to offer a unique experience to this customer base,” said Tejeshwi Sharma, MD at Peak XV.
In the travel space alone, startups that recently raised capital in India include names such as Holiday Tribe, Ziptrrip, and Elivaas, among others.
