General Catalyst just led a $63M bet on India’s travel payments market

Source: TechCrunch

Funding round

Scapia, an Indian startup that combines travel booking with co‑branded credit cards and mobile payments, has raised $63 million in a funding round led by General Catalyst, with existing investors Peak XV Partners and Z47 also participating. The all‑equity round values the startup at a post‑money valuation of more than $500 million, more than doubling its valuation from around $200 million in April 2025. The four‑year‑old outfit has raised $126 million to date.

Market context

The involvement of General Catalyst, one of the most prominent U.S. venture firms, signals growing interest in India’s travel‑focused fintech market beyond its home region.

Investors are becoming more selective in fintech bets after years of aggressive funding. In India, fintech funding remained largely flat in Q1 2026, while the number of deals fell by more than half from a year earlier as capital concentrated into fewer, larger deals, per a recent Tracxn report. By contrast, the U.S. saw fintech funding grow sharply, driven by large rounds for a handful of companies in areas including AI and crypto infrastructure (Tracxn US report).

Product and growth

Founded in 2022 by former Flipkart executive Anil Goteti, Scapia’s app combines co‑branded credit cards, UPI‑based payments, travel bookings, and commerce in one place. UPI—India’s government‑backed real‑time payments network—is central to how younger Indians move money today.

• Over the past year, flight bookings on the platform grew nearly six‑fold.
• Hotel bookings increased about eight‑fold, with smaller Indian cities driving a growing share of demand.
• Customer growth rose seven‑fold during the same period (absolute figures not disclosed).

Goteti told TechCrunch that younger travelers increasingly want flexible travel rewards and integrated payment options instead of traditional credit‑card perks. One‑third of users now prefer airport dining and shopping rewards over lounge access:

“Lounges are getting quite crowded. People actually are looking for an experience outside the lounge.” – Anil Goteti

Scapia also offers a dual‑network co‑branded credit card using both Visa and RuPay (a government‑backed Indian payment network), allowing users to access card payments and UPI‑linked credit through a single statement, credit line, and repayment flow. The startup partners with Federal Bank and BOBCARD to issue co‑branded cards and plans to add another banking partner in the coming months.

Competition

The Bengaluru‑based startup operates in a growing market for travel‑focused financial products in India, competing with companies such as Niyo (another Indian startup that combines banking and travel features) and travel platform Ixigo. Global fintech firms, including Revolut, are also eyeing the country (TechCrunch article).

Use of funds

Scapia, which employs about 250 people, said the fresh funding will be used to:

• Expand its product offerings
• Hire additional AI‑focused engineering and product talent

These moves aim to strengthen its position as competition intensifies in India’s consumer fintech market.