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

Key points

• 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 from around $200 million in 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.