Matrix Partners, Binny Bansal, Keki Mistry pump $9M in travel fintech Scapia

Credit card and travel rewards platform Scapia has raised $9 million in a seed round led by Matrix Partners India, with participation from Tanglin Venture Partners and Binny Bansal’s 3STATE Ventures.

This is the second time that Matrix, Tanglin, and 3STATE have bet on former Senior Vice President of Flipkart Anil Goteti's venture. The trio had previously invested in Goteti’s first company Protonn, which shut shop less than a year after raising funds. 

Angel investors, including Keki Mistry (CEO, HDFC Ltd), also participated in Scapia's seed round. 

The newly-launched venture by Goteti, a consumer tech veteran, will use the capital to scale operations and invest in tech capabilities. 

Last week, the Bengaluru-based startup launched a co-branded digital credit card for travellers, in partnership with the Federal Bank. The in-house app allows customers to track their credit card spending, offering coins on transactions that can be redeemed in the form of hotel and flight booking on the same app. 

Scapia earns revenue via its co-branded partnership with the Federal Bank, depending on the revenue-sharing agreement, and fees from partner brands on bookings.  

“We’re excited about backing Anil for the second time, as he embarks on a new journey with the Scapia team. Scapia has created one such user journey, enabling new travel experiences through a fintech suite of products, and a business model traversing both these sectors,” said Vikram Vaidyanathan, Managing Director of Matrix India.

“We see a massive opportunity for Scapia—less than 5% of the population currently have credit cards and India is projected to have 200 million credit cards in circulation by 2030," Vaidyanathan added.

(The article was updated to correct a designation.)