Scapia achieved over a 12-fold increase in revenue in FY24, reaching Rs 24.15 crore, up from Rs 1.90 crore in FY23.
Founded in 2022 by Anil Goteti, Scapia offers co-branded travel credit cards that convert everyday expenses into travel rewards. It offers benefits like zero forex markup, free lounge access, and no annual fees. Users can redeem rewards instantly for flights and hotels through the app’s integrated travel platform.
The Banglore-based travel fintech company has raised a total of Rs 265.53 crore in funding over 2 rounds, with the latest being a Series A round in November 2023, led by Elevation Capital. The company is currently valued at over Rs 700 crore.
The majority of Scapia’s shares are held by Anil Goteti at over 50%, followed by Matrix Partners and Elevation Capital each holding a significant stake in the company.
Along with revenue, the company’s expenses also surged, jumping to Rs 111.85 crore in FY24 from over Rs 15 crore in FY23. advertisement and promotions accounted for the largest share of these expenses at over 40%, followed by significant costs related to employee benefits and legal and professional fees.
Despite revenue growth, Scapia’s losses increased 5X to Rs 87.97 crore in FY24, compared to a loss of over Rs 15 crore in FY23.
The company’s current EBITDA margin and ROCE remained negative at -363.15% and -49.10%, respectively.