Scapia secures $40 million in Series B funding led by Peak XV

Scapia, a travel fintech startup founded by former Flipkart executive Anil Goteti, has successfully raised $40 million in a Series B funding round led by Peak XV Partners, with participation from Elevation Capital, Z47, and 3State Ventures. The funds will be utilized to strengthen its team, enhance product offerings, and incorporate AI-driven solutions to better cater to tech-savvy millennials and Gen Z travelers. Notably, Scapia offers a co-branded credit card that comes with no fees, competitive rewards, and various travel-related benefits, aiming to tap into the growing market of young Indian travelers. The startup has previously raised over $70 million, including a $23 million Series A round, and is looking to expand its partnerships with banking institutions. Following a slowdown due to regulatory hurdles faced by its partner, Federal Bank, Scapia has resumed customer onboarding and is optimistic about its product roadmap moving forward. The company aims to leverage its unique position in the travel credit card market to accelerate growth and enhance customer experiences.