Journey-fintech startup Scapia has raised $63 million in a funding spherical led by Common Catalyst, with participation from present traders Peak XV Companions and Z47.

With this spherical, Scapia will give attention to scaling its enterprise throughout India and speed up its AI-first method to constructing merchandise and groups.

Scapia, which gives co-branded bank cards in partnership with Federal Financial institution and BOBCARD, mentioned it turned the primary firm in India to launch a dual-network co-branded bank card spanning each Visa and RuPay.

The startup gives zero foreign exchange markup on worldwide spends and has additionally launched Airport Privileges, extending past conventional lounge entry to incorporate eating, retail and duty-free experiences.

During the last six months, it has rolled out a number of new merchandise and options, together with Scapia Pay, a rewards-first UPI expertise, add-on bank cards, bank card invoice funds throughout all banks by way of BBPS, the Scapia Retailer, and Scapia Experiences.

Customers earn rewards within the type of Scapia Cash on home spends, which may be redeemed throughout journey bookings together with flights, trains, buses, lodge stays, experiences and visa companies.

Scapia mentioned the newly raised funds will probably be used to strengthen its model presence throughout India and construct an AI-native organisation. The startup additionally plans to rent and retain prime AI expertise throughout engineering, product, information science and design.

“This spherical will assist us strengthen our product suite additional, carry extra worth to our clients via extra choices, scale the model and herald the perfect expertise as we double down on constructing an AI-first tradition and product method. Our focus stays unchanged: constructing merchandise that assist our customers journey and lead richer lives,” mentioned Anil Goteti, Founder and CEO, Scapia.

Neeraj Arora, CEO India & MENA at Common Catalyst, mentioned, “India’s subsequent wave of nice client firms will probably be constructed round behaviors which are genuinely new – not simply digital variations of what got here earlier than. Scapia understood early {that a} era of Indians for whom journey is a baseline expectation, not an aspiration, wanted a monetary product designed round that id. The 7x buyer progress final yr and the depth of what they’ve constructed throughout the journey stack give us actual confidence in the place this goes.”