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

Scapia, an Indian startup that combines question booking with co-branded recognition cards and mobile payments, has raised $63 cardinal successful a backing circular led by General Catalyst, with existing investors Peak XV Partners and Z47 besides participating. The woody comes contempt a broader slowdown successful fintech dealmaking.

The all-equity circular values assigns the startup a post-money valuation of much than $500 million, according to a root acquainted with the matter, much than doubling its valuation from around $200 million successful April 2025. The four-year-old outfit has raised $126 cardinal to day from investors.

That General Catalyst, 1 of the astir salient U.S. task firms, is starring the circular suggests that India’s travel-focused fintech marketplace is drafting superior attraction good beyond its location region.

The backing comes arsenic investors globally turn much selective successful fintech bets aft years of assertive funding. In India, fintech backing remained mostly level successful Q1 2026, portion the fig of deals fell by much than fractional from a twelvemonth earlier arsenic investors concentrated superior into fewer, larger deals, per a recent report by Tracxn. By contrast, the U.S. saw fintech backing turn sharply, driven by ample rounds for a fistful of companies successful areas including AI and crypto infrastructure.

Investors are betting Scapia tin payment from increasing request among younger Indians for apps that harvester payments and question bookings. Founded successful 2022 by erstwhile Flipkart enforcement Anil Goteti, the startup’s app combines co-branded recognition cards, UPI-based payments, question bookings, and commerce successful 1 place. UPI — India’s government-backed real-time payments web and 1 of the astir wide utilized integer outgo systems successful the satellite — is cardinal to however younger Indians determination wealth today.

Over the past year, Scapia said formation bookings connected its level grew astir six times, portion edifice bookings accrued astir eightfold, with smaller Indian cities driving a increasing stock of demand. Customer maturation besides roseate sevenfold during the aforesaid period, the startup said, without disclosing implicit figures.

Scapia has seen beardown adoption among younger travelers who progressively privation flexible question rewards and integrated outgo options alternatively of accepted recognition paper perks, Goteti said successful an interview. He added that one-third of users present similar airdrome eating and buying rewards implicit lounge access.

“Lounges are getting rather crowded,” Goteti told TechCrunch. “People really are looking for an acquisition extracurricular the lounge.”

Scapia besides offers a dual-network co-branded recognition paper utilizing some Visa and RuPay — a government-backed Indian outgo web — allowing users to entree paper payments and UPI-linked recognition done a azygous statement, recognition line, and repayment flow. Moreover, the startup partners with Federal Bank and BOBCARD to connection co-branded cards and plans to adhd different banking spouse successful the coming months, Goteti said.

The Bengaluru-based startup operates successful a increasing marketplace for travel-focused fiscal products successful India, competing with companies similar Niyo — different Indian startup that combines banking and question features — and question level Ixigo, portion planetary fintech firms including Revolut are besides eyeing the country.

Scapia, which has astir 250 employees, said the caller backing volition spell toward expanding its merchandise offerings and hiring much AI-focused engineering and merchandise endowment arsenic contention intensifies successful India’s user fintech market.