Flipkart Veteran Anil Goteti Launches Scapia, A Fintech Startup for Gen Z and Millennials
Scapia's Co-Branded Credit Card Offers 20% Rewards on Every Booking
15 June 2023
Anil Goteti, former Senior Vice President of Flipkart, has launched Scapia, a travel credit card startup in partnership with Federal Bank, targeting Millennials and Gen Z.
Scapia offers a co-branded credit card and an app that gamifies the platform, allowing users to earn rewards on their travel expenses.
The startup provides a seamless and rewarding travel experience with features like 20% rewards on hotel stays and flights, no joining fee, zero forex markup, and a no-cost EMI option.
Anil Goteti, the former Senior Vice President of Flipkart, has embarked on a new entrepreneurial journey with the launch of Scapia, a travel credit card startup in partnership with Federal Bank. The startup aims to address the challenges faced by the younger generation, specifically Millennials and Gen Z, when it comes to seamless and rewarding travel experiences. With a focus on integrating the entire travel journey, Scapia offers a co-branded credit card and a user-friendly app that gamifies the platform to incentivize customers to earn rewards on the go. Let's delve deeper into what Scapia has to offer.
Scapia, derived from the term "spirit of escape and adventure," is designed to enhance the travel spending experience. The startup provides a digital credit card that allows users to earn Scapia coins on every transaction, with 5 coins equating to 1 Indian rupee. The rewards can be redeemed within the app for booking hotels and flights across 150 countries. Notably, Scapia offers a generous 20% reward on every hotel stay and flight booked through the app. It also boasts a host of benefits such as no joining fee, zero forex markup on international spending, and a Travel Now, Pay Later option with no-cost EMI.
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Scapia primarily targets individuals aged 25-40, capitalizing on the inclination of Millennials and Gen Z to spend on travel experiences. The startup aims to revolutionize the way young Indian travelers explore the world by providing seamless integration of services and a commitment to accessibility. By partnering with established institutions like Federal Bank and global card firm Visa, Scapia ensures a paperless and instant onboarding process, enabling customers to obtain a virtual card within 10 minutes and receive the physical card later. The company's focus on product development and engineering highlights its dedication to creating a superior user experience.
Scapia's revenue model is two-fold. Firstly, the startup earns a percentage of commission from hotels and airlines for bookings made through its app, creating a win-win situation for both the customers and the partnering establishments. Secondly, Scapia receives a commission from its co-partnered bank, Federal Bank, for acquiring new customers. With initial funding from Matrix Partners and other prominent venture capital firms, Scapia is poised for growth. The company has already employed a team of 40 professionals and plans to expand its workforce in the near future.
Anil Goteti's foray into the fintech space with Scapia marks his second entrepreneurial venture, following his exit from Flipkart in 2020. Previously, he co-founded Protonn, a digital solutions startup, which unfortunately did not achieve the desired market fit and had to be shut down. However, Goteti's learnings from his previous ventures, including his tenure at Flipkart, have inspired him to take risks and pursue his passion for travel. Transitioning from an SVP to a CEO has been both challenging and rewarding for Goteti, and he remains determined to make Scapia a resounding success.