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

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 deal comes despite a broader slowdown in fintech dealmaking.The all-equity round values assigns the startup a post-money valuation of more than $500 million, according to a source familiar with the matter, more than doubling its valuation fromaround $200 millionin April 2025. The four-year-old outfit has raised $126 million to date from investors.That General Catalyst, one of the most prominent U.S. venture firms, is leading the round suggests that India’s travel-focused fintech market is drawing serious attention well beyond its home region.The funding comes as investors globally grow 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 investors concentrated capital into fewer, larger deals, per arecent reportby Tracxn. By contrast, the U.S. saw fintech funding grow sharply,driven by large roundsfor a handful of companies in areas including AI and crypto infrastructure.Investors are betting Scapia can benefit from growing demand among younger Indians for apps that combine payments and travel bookings. Founded in 2022 by former Flipkart executive Anil Goteti, the startup’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 and one of the most widely used digital payment systems in the world — is central to how younger Indians move money today.Over the past year, Scapia said flight bookings on its platform grew nearly six times, while hotel bookings increased about eightfold, with smaller Indian cities driving a growing share of demand. Customer growth also rose sevenfold during the same period, the startup said, without disclosing absolute figures.Scapia has seen strong adoption among younger travelers who increasingly want flexible travel rewards and integrated payment options instead of traditional credit card perks, Goteti said in an interview. He added that one-third of users now prefer airport dining and shopping rewards over lounge access.“Lounges are getting quite crowded,” Goteti told TechCrunch. “People actually are looking for an experience outside the lounge.”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. Moreover, the startup partners with Federal Bank and BOBCARD to offer co-branded cards and plans to add another banking partner in the coming months, Goteti said.The Bengaluru-based startup operates in a growing market for travel-focused financial products in India, competing with companies like Niyo — another Indian startup that combines banking and travel features — and travel platform Ixigo, while global fintech firms includingRevolutare alsoeyeing the country.Scapia, which has about 250 employees, said the fresh funding will go toward expanding its product offerings and hiring more AI-focused engineering and product talent as competition intensifies in India’s consumer fintech market.TopicsFintech,General Catalyst,India,Peak XV Partners,Scapia,Startups,Z47When you purchase through links in our articles,we may earn a small commission. This doesn’t affect our editorial independence.Jagmeet SinghReporterJagmeet covers startups, tech policy-related updates, and all other major tech-centric developments from India for TechCrunch. He previously worked as a principal correspondent at NDTV.You can contact or verify outreach from Jagmeet by [email protected] BioMay 27Athens, GreeceStrictlyVC Athens is up next. Hear unfiltered insights straight from Europe’s tech leaders and connect with the people shaping what’s ahead. Lock in your spot before it’s gone.REGISTER NOWMost PopularSam Altman makes ‘mic drop’ offer to every Y Combinator startupJulie BortGoogle Search as you know it is overSarah PerezElon Musk has lost his lawsuit against Sam Altman and OpenAITim FernholzUsers turn to jailbreaking their older Kindles as Amazon ends supportLauren ForristalOpenAI launches ChatGPT for personal finance, will let you connect bank accountsIvan MehtaUS orders travelers on Air Force One to throw away gifts, pins, and burner phones after China tripLorenzo Franceschi-BicchieraiHow to turn off Instagram’s new Instants feature and retract photos you accidentally sharedAisha Malik