Scapia Raises Rs 190 Crore Led By Binny Bansal's Fund, Elevation Capital

Travel credit card startup Scapia, founded by Flipkart's former Senior Vice-President Anil Goteti, has raised $23 million, or about Rs 190 crore, to further scale its fintech products targeted at young travellers.

The funding round was led by Elevation Capital and Flipkart Co-Founder Binny Bansal's fund, 3STATE Ventures. The round also saw participation from its existing investors, Matrix Partners India and Tanglin Venture Partners.

"With the new capital, Scapia will continue to grow its customer base, add more banking partners, and further strengthen its product suite," it said in a statement.

Bengaluru-based Scapia had been operating in stealth mode over the last year, and it formally launched in June this year. Its primary product is a credit card and app targeted at Gen-Z and millennials.

"We continue to be big believers in transaction credit + commerce plays across large verticals such as travel, commerce and more...The company is off to a fast start and has seen strong customer love since the launch of its co-branded credit card," said Vikram Vaidyanathan, managing director, Matrix Partners India.