Scapia Raises $23 Million in Series A Funding and Other Top Asian Funding Stories

Emmanuel Oyedeji -

Here are the startup and venture deals we tracked across the Asian region today.

Scapia raises $23 million in Series A

  • Indian travel fintech firm Scapia has secured $23 million in its Series A funding round, led by Elevation Capital and 3STATE Ventures. Existing investors, Matrix Partners India and Tanglin Venture Partners, also participated in the round.
  • Scapia, founded by Anil Goteti, offers a co-branded card with Federal Bank, that turns everyday expenses into travel rewards. The card comes with features like zero-forex markup, unlimited domestic lounge access with zero joining and annual fees. It also offers a 10% reward on every transaction in the form of "Scapia coins."
  • Within five months of launch, Scapia has distributed its card in over 7500 pin codes, allowing users to travel across 50 countries in 5 continents.
  • The funds will be used to expand its customer base, add more banking partners, and strengthen its product suite.

Viva Biotech secures $210 million

  • Hong Kong-based Viva Biotech has raised approximately $210 million in funding from investors including Temasek, Highlight Capital (HLC), and True Light.
  • The funding involved transferring about 24.21% equity in its contract research organization (CRO) business, Viva Biotech (Shanghai) Limited.
  • The company, specializing in early-stage structure-based drug research and commercial drug delivery services, had previously secured $60 million in convertible bond financing.
  • The funds will be used to expand operations and support development initiatives, providing one-stop services for drug design, synthesis, analysis, and more to global biopharmaceutical innovators.

Baaz Bikes bags $8 million in Series A

  • Baaz Bikes, an electric vehicle (EV) manufacturing startup, has raised $8 million in its Series A funding round. The funding was led by BIG Capital, a Singapore-based venture capital firm, with participation from Rakuten Capital, Kalaari Capital, 9Unicorns, and existing investors.
  • The startup, founded in 2019, provides gig delivery riders with access to its EV bikes and a Dense Automated Battery Swapping Infrastructure (Baaz Swap) to facilitate efficient deliveries. It currently works for food and e-commerce delivery firms like Zomato, Zepto, Amazon and more
  • Baaz Bikes plans to use the funds for expansion in the Delhi NCR region and cover 500 pin codes in the next 9-12 months. It also plans to add more battery swapping stations, refine its product portfolio, and technological innovation.

Lendela raises $5 million in Series A funding

  • Lendela, a Singapore-based lending platform, has successfully raised $5 million in a Series A funding round led by Chocolate Ventures, with participation from existing investor Cocoon Capital, and other new investors.
  • Founded in 2018, Lendela operates a digital loan matchmaking platform, providing borrowers with tailored loan options with processing times as fast as 10 minutes. So far it has served over 100,000 consumers across its markets in Singapore, Hong Kong, Australia and Malaysia
  • It plans to utilize the funding to fuel its expansion across the Asia Pacific region, with a targeted market launch anticipated in the third quarter of 2024. It will also allocate part of the funds to product development.

Fintech startup Kiwi raises $13 million in Series A

  • Indian fintech startup Kiwi has raised $13 million in a Series A funding round led by Omidyar Network India, with participation from existing investors Nexus Ventures and Stellaris Venture Partners to expand its "credit cards on UPI" offerings in the country.
  • This follows a $6 million seed funding round led by Nexus Ventures in May bringing the total raised to date to $19 million.
  • Founded in November 2022, the Bengaluru-based company is the first Indian fintech to introduce "credit cards with UPI," issuing digital RuPay Cards in collaboration with banks. The mobile app allows secure payments through credit cards or bank accounts directly from users' phones.
  • The funds will support its services & product development and expansion, with partnerships planned with two large banks in the next six months.

ZappFresh raises $4.3 million

  • Gurugram-based meat delivery platform ZappFresh has secured Rs 30 crore (approximately $4.3 million) in a funding round co-led by Ah! Ventures, HT Media, Unity SFB, and Heifer Impact.
  • The platform founded in 2015 is operational in Delhi-NCR and Bengaluru and offers fresh meat, seafood, and ready-to-cook items sourced from local farms through its app and website.
  • With the total funding now reaching nearly $14 million, the Gurugram-based startup plans to utilize the funds for acquisitions, expansions, and infrastructure upgrades in both North and South markets. It is also set to launch new product lines to cater to evolving customer preferences.

Herby Angel secures $2.5 million

  • Indian Ayurvedic and organic personal care brand Herby Angel has successfully raised $2.5 million in its debut funding round from JCBL Group.
  • Launched in January 2023, Herby Angel operates as an omnichannel brand, selling both online and through a general distribution model to maximize points of sale and optimize returns on marketing expenditures.
  • The brand, which currently boasts a presence in 13 states with over 1,300 retail outlets and availability on major e-commerce platforms, intends to expand to 2,000 retail stores across 18 states by March 2024.
  • The newly acquired funds will be directed towards accelerating business growth, and technological advancements, expanding the product portfolio, research and development, and bolstering marketing efforts.

Follow our full coverage of the Asian startup and technology scene and get up to date with what's happening in the key markets within the region.