Funding & Investment in Travel
Travel fintech startup Scapia raises $40 million in a Series B round
Scapia, a Bengaluru-based travel fintech startup, has raised $40 million in a Series B funding round led by Peak XV Partners, with participation from Elevation Capital, Z47, and 3STATE Capital.
The fresh capital comes as India’s younger demographic is embracing travel-centric financial products, positioning the startup for rapid expansion in a fast-evolving market.
Founded by Anil Goteti, a former Flipkart executive, Scapia has quickly emerged as a preferred travel and credit card platform for Gen Z and millennial users. The startup said it would use the new funds to bolster its team, enhance its product offerings, integrate artificial intelligence across operations, and scale its platform to meet growing demand.
“With the support of Peak XV and our existing investors, we are poised to accelerate our product roadmap and deliver innovative solutions to travellers faster than ever before,” said Goteti, founder and chief executive officer.
A credit card for the jet-set generation
Scapia’s co-branded card was developed in partnership with Federal Bank and features zero joining or annual fees, no forex markup, and perks such as unlimited domestic lounge access and airport privileges based on qualifying monthly spending.
The startup also enables customers to earn 10% in rewards on everyday purchases, and 20% on travel bookings made through the Scapia platform. Over the past year, cardholders have used it to travel to more than 100 countries, it claims.
“Millennials and Gen Z are turning travel into a guilt-free, all-pleasure experience,” said Tejeshwi Sharma, Managing Director at Peak XV. “Scapia is uniquely positioned to fuel this revolution by merging a booming travel market with an untapped credit card market.”
The startup’s app enables seamless booking and rewards redemption across global airlines, 500,000+ hotel properties, visas for 45 countries, domestic transport options, and members-only “Scapia Unmapped” experiences. It also offers financing options like “Travel Now, Pay Later,” in addition to 24/7 customer support.
RuPay card in partnership with Federal Bank
Recently, Scapia launched a RuPay variant of its co-branded card with Federal Bank to capture UPI-based spends and broaden its reach across India’s digital payments ecosystem
Vikram Vaidyanathan, Managing Director at Z47, described the startup as “transforming how the next generation of Indians travel and spend on experiences,” citing innovations such as airport privileges and a seamless booking-to-reward journey.
“The travel fintech space represents a significant opportunity, especially considering that Gen Z and millennials now account for 50% of all credit card issuance in India—pointing to a rapidly growing, digital-first consumer base that will fuel an $80–100 billion annual revenue opportunity by 2030. Scapia’s product-market fit positions them perfectly to capture an outsized share of this growing segment. Their co-branded card has tapped into exactly what the consumers want—zero joining & annual fees, no forex markup, and meaningful rewards that enhance the travel experience. We’re confident in Scapia’s continued momentum and pleased to strengthen our partnership with Anil and the team,” said Mridul Arora, Partner, Elevation Capital
Funding & Investment in Travel
Tourism Ministry issues 13 notices in nationwide tourism industry crackdown
PUTRAJAYA: The Tourism, Arts and Culture Ministry has issued 13 notices for various offences during 22 enforcement operations conducted nationwide in the first two weeks of this month.
The Tourism, Arts and Culture Ministry, in a statement, said that the enforcement operations involved inspections of 180 vehicles, 30 tourism companies, four accommodation premises, and 33 tour guides at several key locations.
It added that inspections were also conducted on entities suspected of operating tourism businesses without valid licences in Perak, based on public tip-offs.
“If convicted, the parties involved can face a maximum fine of RM500,000, imprisonment of up to 10 years, or both, under the Tourism Industry Act 1992 (Act 482),” it said.
The ministry also reminded individuals or companies providing tourism services, including transportation, accommodation, or the organisation of tourism activities, either physically or online, to immediately apply for a licence at the nearest state Tourism, Arts and Culture Ministry office to avoid strict legal action.
Additionally, the ministry said it will continue strengthening strategic cooperation with enforcement agencies such as the Road Transport Department, police, National Anti-Drug Agency, and Malaysian Maritime Enforcement Agency to ensure full compliance with tourism-related laws.
The ministry also welcomed cooperation from the public and industry players to report any tourism activities suspected of violating regulations through the Public Complaints Management System (SISPAA) at https://Tourism, Arts and Culture Ministry.spab.gov.my/eApps/system/index.do. – Bernama
Funding & Investment in Travel
Long queues at Malaysia’s checkpoints after country’s worst breakdown in autogates affecting foreign travellers
SINGAPORE: Long queues are taking place at major immigration checkpoints in Malaysia on Saturday (Jul 19) after it reportedly suffered the country’s worst-ever breakdown in the autogate system since Friday noon.
The Star reported that tens of thousands of foreigners were affected, involving more than 200 autogates across the country. However, Malaysian passport holders were able to use the autogates with no issues.
Kuala Lumpur International Airport Terminal 1 and 2, as well as Johor’s Bangunan Sultan Iskandar (BSI) Customs, Immigration and Quarantine complex and Sultan Abu Bakar CIQ (KSAB) were among the entry points affected.
Funding & Investment in Travel
The pretty UK seaside town rammed full of independent shops | UK | News
Salcombe is full of independent shops and tourism is a huge part of the economy (Image: Jonathan Buckmaster)
In Salcombe, everyone is proud to call this place home. It’s easy to see why, especially if you visit on a sunny summer’s day when the sun bounces off the turquoise water. But the seaside town is far from a hidden gem. Visitors return to this pretty part of Devon year after year, bringing with them some serious cash.
Tourism is worth a staggering £266 million a year to the South Hams district, according to council research, and it accounts for one in 10 jobs, with almost 4,500 people working in the industry. However, locals have previously expressed frustration at overcrowding in the peak summer season, when the streets become heaving with visitors, and reports say the small community of 2,000 swells to 20,000.
Crowds watching Rocket Week at the yacht club in Salcombe (Image: Jonathan Buckmaster)
Read more: Direct train to beloved UK seaside town returns after being scrapped
Read more: UK seaside town named ‘one of the most colourful places on Earth’
Salcombe Mayor Jasper Evans showed us around the seaside town (Image: Jonathan Buckmaster)
As we wander through the charming streets full of independent shops towards the yacht club where a race is taking place, we begin to realise just how tight-knit the permanent community is.
Friendly faces regularly stop Mayor Jasper Evans for a chat, and he has a wealth of knowledge on all the local businesses; however, he assures us it’s not so tight-knit that outsiders are not welcomed.
Mr Evans tells the Express: “Tourism is really important. The visitor economy is really important for Salcombe. It’s the main part of the economy.”
He takes us to the harbour through more pretty streets where we chat to an RNLI volunteer, who shares a similar feeling.
He smiles as he tells us: “We all joke about ‘bloody tourists’, but you know, that’s our bread and butter. We love them really when you stop to think. People, in general, are most generous.
“The problem is in the winter, it’s naked. Most locals would say it’s kind of nice to have the town back, but you do look forward to the visitors coming.
“Obviously, the economy is important to all of the locals, but it is also nice to see people around the town. It’s nice to see people who appreciate what we do.”
There are plenty of independent shops in Salcombe (Image: Jonathan Buckmaster)
Howard Davies runs the Salcombe Distillery (Image: Jonathan Buckmaster)
It’s a theme we notice throughout the day as we chat to locals who have made businesses that thrive on tourists searching for uniquely Devonian experiences.
From the Salcombe Brewery to the gin distillery, or the many bustling restaurants and cafes serving up fresh seafood, we start to understand that independent businesses are a huge part of Salcombe’s appeal.
We head to Island Street to the Salcombe Distillery, where a gin-making course is taking place as we chat to the co-founder and director, Howard Davies.
He tells us: “I think what the South West does very well is producing very high quality products, be that food and drink, clothing or accessories.
“Often you can get levels of quality from boutique independent local companies that you may not get from a broader multinational organisation.
“I don’t know what you’re like, but when I go away, I love to buy local. There’s something special about it, and you want to support the local market.”
He adds: “I think for a lot of South West communities, ultimately tourism is a really important part of the economy.
“Now, obviously, it brings challenges because you have locals who live here, and it’s trying to get that balance between affordable housing for people who live locally, but you need employment for people who live locally as well.”
Theo Spink says tourism keeps local people in jobs (Image: Jonathan Buckmaster)
As we wander down Island Street, a place full of artisanal local businesses, we chat to Theo Spink, who lives in the area and works at Luscombe Maye estate agents.
She tells us: “A lot of people, including myself, depend on our jobs for the holiday trade, so people are able to live here because there is business to be had. We are all hugely dependent on that holiday trade.”
When I ask if it’s ever overwhelming, she responds: “It can sometimes be, but I think what people need to remember is that it’s just six weeks.
“It’s those state school holidays where it’s crazy. But if it wasn’t that crazy, people wouldn’t make enough money to sustain their businesses year-round.”
When we chat to Mayor Evans about the volume of tourists, he acknowledges: “It’s very concentrated in the summer season and a few other high points in the year.
“We’re trying to diversify here so that the months when the tourists don’t come, we still have economic activity. It’s really important, we have to remember our permanent residents.”
He tells us that Salcombe also has a fishing industry, which is no better exemplified than in our next stop at the Crab Shed, a friendly seafood restaurant where we see an enormous Devonian crab being served up for lunch to a father and daughter.
As we sit on a bench in the sun overlooking the water, owner Emma Langmaid enthuses: “We love tourism, it’s our business. We’ve got a beautiful place to showcase.
“I think it’s incredibly important, it’s important for everything. Our livelihood is down here, so yes it has to happen.”
Emma Langmaid at the Crab Shed, which serves up generous portions of Devonian crab (Image: Jonathan Buckmaster)
Some people who work in traditional industries have more mixed views, as we learn from Mike Wrigley, who works in one of the few remaining boat yards on Island Street.
The artisanal hub used to be full of workshops, metal workers, riggers and engineers, and we’re told nearly all of the residences on the opposite side of the street have been purchased by second homeowners.
He tells us: “It’s swings and roundabouts. Salcombe has been a tourist town for the best part of 100 years, so it is part of how the place ticks.
“It’s not so much the tourism that’s causing the problem, it is the second homes side of things. There are so many second homes now, it is killing the local community in a way.”
He adds: “Even when I started working in this workshop, there was still a reasonable number of people living in this street, but it’s pretty much all gone, there are only one or two now.
“All the boat yards have disappeared, and there are only three of us here now. It was all workshops [but they have gone too].”
However, he appreciates the atmosphere of tourist season.
He said: “In season, it’s nice because there are a lot of people that make the place feel alive again. It’s only really the school holidays, July and August, that it generally just gets too many. You know, the whole place becomes a struggle to live in.”
Mike Wrigley works at one of the few remaining boatyards in the town (Image: Jonathan Buckmaster)
Island Street used to be full of workshops (Image: Jonathan Buckmaster)
We end our trip by visiting the harbour master, who undoubtedly has the best office view in the town, looking straight onto the water.
With a 22-year career under his belt at the harbour, Cameron Sims-Stirling tells us it is one of the area’s biggest trading points.
He says: “Tourism is a huge part of our everyday living, and keeps us in jobs all year around here.
“I think times have changed. I think there definitely was that sort of, oh second home owners and holidaymakers, but I think the penny dropped and we just went, well, none of us would have jobs. With any seaside town, there can be that delicate balance.”
He smiles as he tells us: “On a day like today, try and beat it. It’s epic. That’s why people come here.” We can’t help but agree.
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