Bengaluru-based travel fintech startup Scapia has announced an Employee Stock Ownership Plan (ESOP) buyback worth ₹20 crore, providing liquidity to current and former employees who hold vested stock options. The move allows eligible staff to convert their paper equity into cash, marking one of the latest liquidity events in India’s fast-growing travel fintech space.
The buyback comes at a time when Scapia has been scaling rapidly. Founded in 2022 by former Flipkart executive Anil Goteti, the company operates a co-branded credit card business alongside a broader travel-booking platform, offering rewards, zero forex markup on international spending, and airport privileges to its users.
What the Buyback Means
An ESOP buyback allows a company to repurchase vested stock options from employees for cash, at a valuation determined by the company’s most recent funding round or by an independent valuation. Employees do not need to wait for an IPO or acquisition to realise value from their equity; instead, the company itself becomes the buyer, paying out the difference between the buyback price and the employee’s exercise price.
For Scapia’s workforce, the buyback offers a direct route to employee wealth creation. Employees who joined during the company’s early years and have since vested a portion of their stock options stand to benefit the most, receiving a tangible financial reward for their contribution to the startup’s growth. Former employees who left the company but retained vested options are also eligible to participate, provided they meet the terms of the buyback offer.
Scapia’s Growth and Funding Journey
Scapia’s growth trajectory has been steep since its founding. The company raised $23 million in a Series A round in 2023, followed by a $40 million Series B round led by Peak XV Partners in April 2025, with participation from Elevation Capital, Z47 and 3State Ventures. Barely a year later, in May 2026, Scapia raised $63 million in a fresh round led by General Catalyst, with Peak XV Partners and Z47 returning as investors. The round pushed the company’s valuation past $500 million, more than double what it was a year earlier, and took its total startup funding raised to over $126 million.
Alongside its funding milestones, Scapia has also expanded its product suite well beyond its original co-branded credit card, adding UPI-based payments through Scapia Pay, bill payment services, add-on cards, and a broader travel and commerce ecosystem. The company has reported strong growth in flight and stay bookings over the past year, with an increasing share of that activity coming from Tier-II and Tier-III cities, reinforcing its position in India’s travel fintech ecosystem.
Why Startups Turn to ESOP Liquidity
ESOP buybacks have become an increasingly common tool for venture-backed startups in India seeking to retain talent in a competitive hiring market. Rather than asking startup employees to wait years for an IPO or acquisition, companies are choosing to create periodic liquidity events that reward loyalty and reduce attrition risk, particularly for employees who joined during a startup’s early, higher-risk phase. Such programmes also signal financial discipline, since companies typically need healthy cash reserves or fresh capital to fund them, making startup ESOP liquidity an important marker of credibility for job seekers evaluating an offer.
Outlook for India’s Startup Ecosystem
India’s startup ecosystem has seen a broader resurgence in ESOP buyback activity through 2026, with several fintech and consumer technology companies rolling out buyback programmes after a relatively subdued couple of years. This wave of ESOP news reflects renewed confidence among venture-backed startups, particularly in fintech innovation and travel technology, two sectors that continue to draw investor attention.
For Scapia, the ₹20 crore ESOP buyback adds to a string of recent developments that point to a company in an expansionary phase. Coming shortly after a large funding round and a sharp rise in valuation, the buyback underscores Scapia’s financial health, its employee-first approach to compensation, and its broader ambitions for startup growth as India’s travel fintech sector continues to mature.
