General Catalyst backs India travel payments startup with $63 million investment

Scapia, an India-based startup that blends travel booking services with co-branded credit cards and digital payment capabilities, has secured $63 million in a new funding round led by General Catalyst. Existing investors Peak XV Partners and Z47 also participated in the financing, which arrives at a time when fintech investment activity has generally slowed across many markets.

The all-equity financing values the company at more than $500 million on a post-money basis, according to a person familiar with the transaction. The new valuation represents a significant jump from approximately $200 million in April 2025, more than doubling the company’s worth in just over a year. Since its launch, the four-year-old startup has raised a total of $126 million from investors.

General Catalyst’s decision to lead the round is notable given its status as one of the most influential venture capital firms in the United States. The investment signals growing international confidence in India’s emerging travel-focused fintech sector and suggests that the market is attracting attention well beyond domestic investors.

The funding also comes at a time when fintech investors worldwide have become increasingly cautious after several years of heavy capital deployment. According to a recent report from Tracxn, fintech funding in India remained largely unchanged during the first quarter of 2026, although the total number of transactions dropped by more than 50% compared with the previous year. Investors have increasingly concentrated funding into a smaller number of larger deals. In contrast, fintech investment in the United States increased significantly, fueled by substantial funding rounds for companies operating in artificial intelligence and cryptocurrency infrastructure.

Investors backing Scapia believe the company is well-positioned to capitalise on rising demand from younger Indian consumers seeking platforms that combine payments, financial services, and travel booking experiences. Founded in 2022 by former Flipkart executive Anil Goteti, the startup offers an app that integrates co-branded credit cards, UPI-powered payments, travel reservations, and commerce services into a single platform. UPI, India’s government-supported real-time payments network, has become one of the world’s most widely adopted digital payment systems and plays a central role in how younger consumers conduct financial transactions.

Over the last year, Scapia reported substantial growth across its platform. Flight bookings increased nearly sixfold, while hotel reservations expanded approximately eight times. The company noted that demand from smaller Indian cities contributed an increasing share of that growth. During the same period, customer acquisition rose sevenfold, although the startup did not disclose specific user numbers.

According to Goteti, the platform has gained traction among younger travellers who increasingly seek flexible rewards programs and integrated payment experiences rather than relying solely on traditional credit card benefits. He noted that approximately one-third of users now prefer reward for airport dining and shopping over conventional lounge access benefits.

“Lounges are getting quite crowded,” Goteti said in an interview. “People actually are looking for an experience outside the lounge.”

Scapia also differentiates itself through a dual-network co-branded credit card that operates on both Visa and RuPay, India’s government-backed payment network. The structure lets you access standard card transactions and UPI-linked credit through a single credit line, billing statement, and repayment process. The company currently collaborates with Federal Bank and BOBCARD to provide co-branded cards and intends to add another banking partner in the coming months, according to Goteti.

Headquartered in Bengaluru, Scapia operates in a rapidly expanding segment of India’s financial services market. The company competes with firms such as Niyo, which also combines banking and travel services, and the travel platform Ixigo. International fintech players, including Revolu, have likewise shown interest in expanding in India.

Scapia currently employs around 250 people and plans to use the newly raised capital to broaden its product portfolio and strengthen its workforce. The company said a portion of the funding will be dedicated to recruiting additional engineers and product specialists with expertise in artificial intelligence as competition intensifies throughout India’s consumer fintech landscape.