Scapia narrows losses 6% as revenue surges 70% to Rs 29 Cr

Scapia, the travel-focused credit card startup backed by Peak XV Partners and Elevation Capital, narrowed its losses by 5.6% in fiscal 2025 as revenue growth significantly outpaced expenses.

The Mumbai-based fintech reported a loss of Rs 83.05 crore for the year ended March 2025, down from Rs 87.97 crore the prior year, according to financial documents filed with the RoC.

Revenue from operations surged 70.3% to Rs 28.76 crore, while total expenses rose just 10.1% to Rs 123.47 crore.

The improved loss trajectory comes as Scapia transforms from a single-product card issuer into what its founder calls a “full-stack travel commerce platform.” The company launched three major initiatives in November: an independent add-on card system, an AI-curated experiences marketplace with over 5,000 global activities, and the Scapia Store, a travel-specific ecommerce platform built by its 70-person engineering team.

The company’s core business has been its Federal Bank co-branded credit card, available in both Visa and RuPay variants. The card offers zero joining and annual fees, no forex markup, 10% rewards on all transactions, and 20% rewards on travel bookings through its app. The RuPay variant was launched recently to capture UPI-based spending.

According to the founder, Scapia cardholders use their cards 10-12 times monthly and book travel through the platform 4-5 times annually, with the card being used in 102 countries last year.

Scapia’s employee benefit expenses rose 72.6% to Rs 61.34 crore as the company scaled its workforce, while depreciation increased 79.3% to Rs 48.3 lakh. Meanwhile, other expenses declined 19.2% to Rs 61.65 crore.

The startup raised $40 million in Series B funding in April from Peak XV Partners, with participation from Elevation Capital, Z47, and 3STATE Capital, bringing its total funding to over $63 million. It plans to use the capital to accelerate product development and enhance AI capabilities.