Scapia, a travel technology startup based in Bengaluru and led by former Flipkart executive Anil Goteti, has secured $23 million in its Series A funding. Elevation Capital and 3STATE Ventures co-led the funding round, joined by earlier investors Matrix Partners India and Tanglin Venture Partners. With this, Scapia has now raised a total of $32 million in funding.

Anil Goteti revealed that the fresh capital raised will be allocated towards bolstering product awareness and expanding Scapia's customer base through marketing strategies. The company aims to forge additional partnerships, allowing customers the freedom to select their preferred banks. Moreover, a portion of the funds will be dedicated to enhancing product development to elevate the overall customer experience. Established in 2022 by former Flipkart senior vice president Anil Goteti, Scapia unveiled its co-branded credit card in collaboration with Federal Bank just five months ago. This credit card incentivizes everyday expenditures by converting them into travel rewards, offering perks like zero-forex markup and unrestricted domestic lounge access.

Anil Goteti outlined that Scapia caters to individuals between 25 to 40 years old, passionate about travel. The company uses customers' daily spending to accrue Scapia coins, convertible into rewards like flight bookings and hotel accommodations. Within five months of its launch, the credit card reached over 7,500 postal codes, with 60% of users hailing from major cities and the rest scattered across India. Scapia has gained rapid popularity, with 75% of its users employed and the remaining 25% self-employed, boasting an average monthly salary of INR 2 lakh among employed individuals. The company anticipates a surge in credit card usage from 90 million to 250 million in India over the next 4-5 years.