Scapia, a credit card and travel rewards platform, has successfully raised $9 million in a seed round of funding. The round was led by Matrix Partners India, with participation from Tanglin Venture Partners and Binny Bansal‘s 3STATE Ventures. Notably, this marks the second time that Matrix, Tanglin, and 3STATE have chosen to invest in a venture led by Anil Goteti, the former Senior Vice President of Flipkart. Their previous investment was in Goteti’s first company, Protonn, which unfortunately ceased operations less than a year after raising funds.
Scapia’s seed round also attracted participation from angel investors, including Keki Mistry, the CEO of HDFC Ltd. With this infusion of capital, Scapia, helmed by Goteti, a seasoned professional in the consumer tech industry, plans to scale its operations and invest in enhancing its technological capabilities.
One of Scapia’s recent developments includes the launch of a co-branded digital credit card for travelers in collaboration with the Federal Bank. Through their in-house app, customers can conveniently track their credit card spending and earn coins on transactions. These coins can then be redeemed for hotel and flight bookings directly within the app. Scapia generates revenue through its co-branded partnership with the Federal Bank, relying on a revenue-sharing agreement and fees from partner brands on bookings.
Vikram Vaidyanathan, Managing Director of Matrix India, expressed enthusiasm for supporting Anil Goteti once again as he embarks on a new journey with the Scapia team. Vaidyanathan highlighted Scapia’s ability to create a unique user journey that facilitates novel travel experiences through a suite of fintech products, encompassing both the travel and financial sectors. He further emphasized the tremendous potential he sees for Scapia, citing the fact that less than 5% of the population in India currently possess credit cards, while projections indicate that the country could have 200 million credit cards in circulation by 2030.
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