General Catalyst just led a $63 million bet in India’s travel payments market

Scapia, an Indian startup that combines travel booking, co-branded credit cards and mobile payments, has raised $63 million in a funding round led by General Catalyst, with participation from existing investors Peak XV Partners and Z47. The deal comes despite a broader slowdown in fintech deal-making.

The values ​​of the full equity round give the startup a post-money valuation of more than $500 million, according to a source familiar with the matter, more than doubling its valuation from about $200 million in April 2025. The four-year-old company has raised $126 million so far from investors.

The leadership of General Catalyst, one of America’s most prominent venture firms, suggests that India’s travel-focused fintech market is attracting serious interest outside its home region.

The funding comes as investors globally become more selective in their fintech bets after years of strong funding. In India, fintech funding remained largely flat in the first quarter of 2026, while the number of deals fell by more than half from the previous year as investors concentrated capital into fewer and larger deals, according to a recent report by Tracxn. By contrast, the US has seen sharp growth in fintech funding, driven by large rounds from a few companies in areas including artificial intelligence and cryptocurrency infrastructure.

Investors are betting that Scapia can capitalize on growing demand among young Indians for apps that combine payments with travel bookings. Founded in 2022 by Anil Goteti, former Flipkart CEO, the startup’s app brings together co-branded credit cards, UPI-based payments, travel bookings and commerce in one place. UPI — the Indian government-backed real-time payments network and one of the most widely used digital payment systems in the world — is central to how young Indians transfer money today.

Over the past year, Scabia said flight bookings on its platform have increased by about six-fold, while hotel bookings have increased by about eight-fold, with smaller Indian cities driving an increasing share of demand. Customer growth also rose seven-fold during the same period, the startup said, without revealing absolute numbers.

Scapia has seen strong adoption among younger travelers who increasingly want flexible travel rewards and integrated payment options rather than traditional credit card perks, Gotetti said in an interview. He added that a third of users now prefer airport dining and shopping rewards rather than lounge access.

“The lounges are getting very crowded,” Gotetti told TechCrunch. “People are actually looking for an experience outside of the lounge.”

Scapia also offers a dual-network co-branded credit card using both Visa and RuPay – India’s government-backed payment network – allowing users to access UPI-linked card and credit payments through a single statement, line of credit and payment flow. Furthermore, Gottiti said the startup is collaborating with Federal Bank and BOBCARD to offer co-branded cards and plans to add another banking partner in the coming months.

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, while global fintechs including Revolut are eyeing the country as well.

Scapia, which has about 250 employees, said the new funding will go towards expanding its product offerings and hiring more engineering and AI-focused product talent as competition intensifies in India’s consumer fintech market.