According to sources with knowledge of the situation, travel fintech company Scapia is in discussions to scoop up a new round worth $20–25 million. The Bengaluru-based startup will receive funding again in 2023 with this round.
“Scapia is finalising another $20-25 million from Binny Bansal’s new fund,” said one of the sources. “Existing backers Matrix and Tanglin are also participating in the Series A financing.”
In a seed round in June that was co-led by Matrix Partners India, Tanglin Venture Partners, and Binny Bansal’s 3STATE Ventures, Scapia received $9 million.
Scapia, a company founded by Anil Goteti, uses its co-branded card to convert a customer’s regular spending into travel rewards. The product offers benefits like unlimited domestic lounge access without any joining or annual fees and zero forex markup.
The credit card, which is based on the VISA network, was launched in collaboration with Federal Bank. Every transaction is eligible for a generous 10% reward from the credit card, which is then turned into Scapia coins.
To allow users to instantly redeem their coins for hotel and flight reservations, Scapia also developed a travel platform within the app. According to Scapia, it offers a large selection of flights on all international airlines, as well as more than 5 lakh hotel stays worldwide with the option to pay later.
“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.”
While 3STATE Ventures did not immediately respond to questions about the story, Scapia declined to comment on it. Should they, we’ll update the post.
The 2020 startup Protonn provides digital solutions, and Goteti is a former vice president of Flipkart. Protonn received $9 million in seed funding but closed its doors less than a year later. Additionally investing in Protonn’s seed round were Matrix, Tanglin, and Binny Bansal.
