Travel fintech startup Scapia has been raising capital aggressively to expand beyond its credit card business and build a broader travel ecosystem. Over the past year, the company has secured more than $100 million in funding, including its latest$63 millionSeries C round led by General Catalyst, with participation from existing investors Peak XV Partners and Z47. The funding round also propelled Scapia’s valuation to more than three times its level from the$40 millionround it raised in April last year. To deep dive into Bengaluru-based firm’s latest Series C round,Entrackrreviewed its regulatory filings, analysing details such as the round’s structure, shareholding, and valuation. The Scapia’s board has allotted 34,744 Series C preference shares at an issue price of Rs 1,72,128 per share to raise Rs 598 crore or $63 million, according to its filing with theRegistrar of Companies (RoC). New investor General Catalyst led the round with an investment of Rs 474 crore (around $50 million), securing a place on Scapia’s cap table. Existing backers Peak XV Partners and Z47 also participated, investing Rs 76 crore ($8 million) and Rs 46.6 crore ($5 million), respectively. Angel Investor Arjun Chowdhary also joined the round. Entrackrestimates that the company’s post-money valuation jumped over 3X to Rs 5,122 crore ($539 million) from Rs 1,645 crore in its previous $40 million Series B round. As per the company, a significant portion of the new capital will be deployed towards building an AI-native organisation and hiring talent across engineering, product, data science and design functions. According to a separate resolution, the firm has also expanded its ESOP pool by adding 4,731 stock options. Based on the latest valuation, the newly created options are valued at approximately Rs 81.4 crore, taking the total ESOP pool value to Rs 432.5 crore (around $45.5 million). With the latest infusion, Scapia’s total funding has reached approximately $135 million, including its $23 million Series A round led by Elevation Capital and 3State Ventures in November 2023. Following the Series C allotment, Z47 emerged as the largest external shareholder with a 15.47% stake, followed by Peak XV Partners at 12.97%. Elevation Capital holds 10%, while new investor General Catalyst acquired a 9.26% stake. Founder Anil Goteti continues to be the largest shareholder overall, retaining a 33.6% stake in the company. Founded by Anil Goteti in 2022, Scapia is a travel fintech startup offering co-branded credit cards in partnership with Federal Bank and Bank of Baroda. The company has expanded beyond credit cards into a broader travel ecosystem with offerings such as Scapia Pay, add-on cards, BBPS-based bill payments, Scapia Store, and Scapia Experiences. For the fiscal year ended March 2025, the company’s operating revenue increased toRs 29 crorefrom Rs 17 crore in FY24. Its net loss narrowed to Rs 83 crore in FY25 compared to Rs 88 crore in the previous fiscal year. Bareback Medi
