Travelstack Tech IPO
Travelstack Tech IPO — date, issue size, SEBI status & DRHP details 2026
Travelstack Tech filed its draft red herring prospectus (DRHP) with SEBI on 2 Jan 2026 for an IPO of a fresh issue of up to ₹250 crore and an offer for sale of up to 2,68,52,969 shares. The draft is no longer on SEBI's list of pending offer documents. The price band, lot size and IPO dates are not announced yet.
Travelstack Tech runs TravelPlus, a hotels-focused corporate travel platform that served 474 enterprise clients in the six months to 30 September 2025. Revenue from operations rose from Rs 411.27 crore in FY2023 to Rs 716.35 crore in FY2025.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the DRHP filed with SEBI
Where the Travelstack Tech IPO stands
From draft to listing. Today is 11 November 2026.
- DRHP filed 02 Jan 2026
- SEBI observations Done
- RHP & price band TBA
- Bidding TBA
- Listing TBA
| DRHP filed with SEBI | 2 Jan 2026 |
|---|---|
| SEBI status | SEBI review completed |
| RHP, price band & dates | Not announced |
Travelstack Tech IPO details
The offer as the DRHP describes it. Terms can change in the RHP.
| Issue type | Fresh issue and offer for sale |
|---|---|
| Fresh issue | Up to ₹250 Cr |
| Offer for sale | Up to 2,68,52,969 shares |
| Total issue size | Depends on the price band |
| Pre-IPO placement | Up to ₹50 Cr (reduces the fresh issue) |
| Face value | ₹1 per share |
| Proposed listing | BSE, NSE |
| Price band | Not announced (comes with the RHP) |
| Lot size | Not announced |
| IPO dates | Not announced |
| Book running lead managers | Motilal Oswal Investment Advisors Limited, IIFL Capital Services Limited, Nuvama Wealth Management Limited |
| Registrar | MUFG Intime India Private Limited |
Who is selling in the offer for sale
| Selling shareholder | Type | Offering | Avg. cost / share |
|---|---|---|---|
| Vaibhav Aggarwal | Promoter | Up to 35,82,090 shares | Rs 0.18 |
| Adarssh Mnpuria | Promoter | Up to 17,91,045 shares | Rs 0.18 |
| Anupam Mittal | Investor | Up to 10,37,640 shares | Rs 3.97 |
| Accel India IV (Mauritius) Ltd. | Investor | Up to 67,16,418 shares | Rs 36.86 |
| Global Private Opportunities Partners II LP | Investor | Up to 15,74,300 shares | Rs 61.72 |
| Global Private Opportunities Partners II Offshore Holdings LP | Investor | Up to 17,09,282 shares | Rs 61.73 |
| Panthera Growth Fund II VCC | Investor | Up to 16,44,999 shares | Rs 75.11 |
| PGP India Growth Fund I | Investor | Up to 25,39,152 shares | Rs 69.12 |
| Panthera Growth II | Investor | Up to 26,86,567 shares | Rs 14.71 |
| XTO10X Mauritius Pte. Ltd. | Investor | Up to 10,86,360 shares | Rs 75.67 |
The weighted average cost of acquisition is Rs 0.18 per share for both promoters, Rs 3.97 for Anupam Mittal and Rs 36.86 for Accel, while the Global Private Opportunities, Panthera, PGP and XTO10X funds paid between Rs 61.72 and Rs 75.67.
Strengths & risks
The case for and against, from the DRHP's own numbers and risk factors.
Strengths · 7
- 01Revenue from operations grew from Rs 411.27 crore in FY2023 to Rs 716.35 crore in FY2025, and was Rs 400.37 crore in the six months to 30 September 2025.
- 02Active enterprise clients rose from 314 in FY2023 to 474 in the six months to 30 September 2025, and the company says no client left because of dissatisfaction in this period.
- 03Adjusted EBITDA turned positive at Rs 16.97 crore in FY2025 against a loss of Rs 5.06 crore in FY2024.
- 04Net worth moved from negative Rs 572.81 crore on 31 March 2024 to positive Rs 130.74 crore on 31 March 2025 and Rs 172.89 crore on 30 September 2025.
- 05Hotels were 94.18% of GTV in FY2025, and the take rate stayed between 18.23% and 18.72% of GTV excluding GST from FY2023 to FY2025.
- 06The platform lists over 25,000 active hotels, and its FabHotels and Via brands had 1,379 onboarded properties on 30 September 2025.
- 07Bank balances other than cash were Rs 89.41 crore and cash was Rs 4.66 crore on 30 September 2025, against total borrowings of Rs 47.81 crore.
Risks · 10
- 01The company made restated losses of Rs 92.75 crore in FY2023, Rs 114.07 crore in FY2024 and Rs 6.27 crore in FY2025.
- 02The profit of Rs 32.16 crore in the six months to 30 September 2025 includes a deferred tax credit of Rs 37.41 crore. Loss before tax in the period was Rs 5.24 crore.
- 03Cash flow from operations was negative in every period: Rs 9.47 crore in FY2023, Rs 55.09 crore in FY2024, Rs 18.42 crore in FY2025 and Rs 11.30 crore in the six months to 30 September 2025.
- 04Trade receivables rose from Rs 32.88 crore on 31 March 2023 to Rs 71.29 crore on 31 March 2025, as the company gives credit to clients while paying hotels early.
- 05Of the fresh issue of Rs 250 crore, Rs 135 crore goes to working capital and Rs 45 crore to repaying borrowings. The rest, up to 25% of gross proceeds, is general corporate purposes, with no specific project.
- 06The offer for sale is 2,68,52,969 shares and the company gets nothing from it. Investor sellers offer 2,14,79,834 shares and promoters 53,73,135 shares.
- 07The company reports litigation against it of Rs 26.58 crore in aggregate, with 18 tax proceedings, 1 criminal proceeding and 1 regulatory action.
- 08Contingent liabilities on 30 September 2025 include income tax demands of Rs 14.77 crore, and two arbitration awards under challenge.
- 09The company had negative net worth until 31 March 2024, and its accumulated losses were mainly on revaluing preference shares (exceptional items of Rs 89.50 crore in FY2024 and Rs 86.73 crore in FY2023).
- 10The company has no listed peer, and the industry report was commissioned and paid for by the company.
Travelstack Tech financials
Restated figures in ₹ crore, as reported in the DRHP.
| ₹ crore | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Revenue from Operations | 400.37 | 716.35 | 547.77 | 411.27 |
| Total Income | 404.32 | 725.22 | 559.08 | 417.34 |
| Adjusted EBITDA | 8.09 | 16.97 | -5.06 | -3.04 |
| Profit After Tax | 32.16 | -6.27 | -114.07 | -92.75 |
| Net Worth | 172.89 | 130.74 | -572.81 | -468.40 |
| Total Borrowing | 47.81 | 41.46 | 19.60 | 7.98 |
| Total Assets | 270.36 | 220.79 | 199.09 | 67.71 |
Key ratios (FY25)
P/E and market capitalisation need the price band and are added when the RHP is out.
Where the IPO money goes
₹180 crore of the fresh issue is earmarked to named objects; offer for sale proceeds go to the selling shareholders, not the company.
About Travelstack Tech
TravelPlus lets employees and travel desks of companies book hotels, manage approvals, handle GST-compliant invoicing, track expenses and get support through relationship managers and a 24/7 concierge. The company launched TravelPlus in 2020. It built the product on the hotel supply experience it gained by managing the FabHotels brand since 2015.
On the supply side, the company keeps an asset-light private-label portfolio of two brands, FabHotels and Via. Together they had 1,379 onboarded properties on 30 September 2025. The platform also offers a managed marketplace of over 25,000 active hotels across economy and premium segments.
The company earns from platform fees, service charges and supplier commissions. Total gross transaction value (GTV) was Rs 879.04 crore in FY2025, and hotels were 94.18% of it. The take rate, which is the share of booking value the platform keeps after paying suppliers, was 18.64% of GTV excluding GST in FY2025.
The number of active enterprise clients grew from 314 in FY2023 to 379 in FY2024, 418 in FY2025 and 474 in the six months ended 30 September 2025. The company offers credit terms to its clients, while most hotel suppliers give little or no credit. This is why it needs working capital to grow.
The promoters are Vaibhav Aggarwal, who is Managing Director and CEO, and Adarssh Mnpuria, who is Whole Time Director and CFO. Investors such as Accel, Qualcomm Asia Pacific, Anupam Mittal and Panthera funds also hold shares and are selling part of them in this issue.
The industry
The industry report commissioned by the company (1Lattice, dated 15 December 2025) puts the Indian corporate travel management platform market at Rs 3.6 trillion in FY2025, growing to Rs 6.9 trillion by FY2030 at a CAGR of 13.7%. Large and medium businesses with revenue above Rs 5,000 million made up Rs 2.3 trillion of this in FY2025 and are projected to reach Rs 4.5 trillion by FY2030 at a CAGR of 14.4%. The economy hotel segment is 69% of corporate hotel demand in India, but 95% of it is unbranded and fragmented. The report was paid for by the company.
Promoters & management
Before the issue the two promoters hold 90.42% of the existing equity shares, and 25.37% on a fully diluted basis after all preference shares convert; there is no separate promoter group.
| Name | Role |
|---|---|
| Vaibhav Aggarwal | Managing Director and Chief Executive Officer |
| Adarssh Mnpuria | Whole Time Director and Chief Financial Officer |
| Rikin Milan Kapadia | Non-Executive Nominee Director |
| Vanaja N Sarna | Independent Director |
| Deepak Tuli | Independent Director |
| Sumith Ramrao Kamath | Independent Director |
The bankers & the filings
Who is running the issue, and the SEBI documents this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Nuvama Wealth Management Ltd.
43 issues handledBest listing: Gandhar Oil Refinery (India) (+76.3%). Weakest: ACME Solar Holdings (-13.1%).
Motilal Oswal Investment Advisors
59 issues handledBest listing: G R Infraprojects (+105.0%). Weakest: R K Swamy (-13.2%).
IIFL Capital Services Limited
117 issues handledBest listing: Unicommerce eSolutions (+117.6%). Weakest: Rategain Travel Technologies (-15.3%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Travelstack Tech IPO: frequently asked
When will the Travelstack Tech IPO open?
The Travelstack Tech IPO dates are not announced yet. The draft is no longer on SEBI's list of pending offer documents. The company announces the dates and price band after it files its red herring prospectus (RHP) with the Registrar of Companies, usually a week or two before bidding opens. This page switches to the full IPO page with dates, price band and lot size as soon as that happens.
What is the Travelstack Tech IPO price band?
The price band is not announced yet. It is set by the company and its lead managers and published with the RHP, a few days before the issue opens. The DRHP fixes only the face value of ₹1 per share.
How big is the Travelstack Tech IPO?
Travelstack Tech filed its draft red herring prospectus (DRHP) with SEBI on 2 Jan 2026 for an IPO of a fresh issue of up to ₹250 crore and an offer for sale of up to 2,68,52,969 shares. The final size in rupees depends on the price band.
Has SEBI approved the Travelstack Tech IPO?
The draft is no longer on SEBI's list of pending offer documents. SEBI observations are valid for 12 months; the IPO has to open within that window or the company must file again.
What is the Travelstack Tech IPO GMP?
There is no grey market premium to report before the price band is announced. IPO Guru starts tracking the Travelstack Tech IPO GMP once the RHP and price band are out.
What will Travelstack Tech do with the IPO money?
As per the DRHP: Part funding the working capital requirements of the company (₹135 crore); Repayment and/or prepayment of certain borrowings (₹45 crore); General corporate purposes.
Who are the lead managers of the Travelstack Tech IPO?
The book running lead managers are Motilal Oswal Investment Advisors Limited, IIFL Capital Services Limited, Nuvama Wealth Management Limited. MUFG Intime India Private Limited is the registrar.
Is Travelstack Tech profitable?
The company made restated losses of Rs 92.75 crore in FY2023, Rs 114.07 crore in FY2024 and Rs 6.27 crore in FY2025. It reported a profit of Rs 32.16 crore in the six months to 30 September 2025, which includes a deferred tax credit of Rs 37.41 crore.
What is TravelPlus?
TravelPlus is the company's corporate travel platform, launched in 2020. It serves 474 enterprise clients and offers a marketplace of over 25,000 active hotels.
Who are the selling shareholders in the Travelstack Tech IPO?
Promoters Vaibhav Aggarwal and Adarssh Mnpuria, and investors Anupam Mittal, Accel, Qualcomm Asia Pacific, Global Private Opportunities Partners, Panthera funds, PGP India Growth Fund I and XTO10X Mauritius. Together they offer up to 2,68,52,969 shares.
Other companies in the IPO pipeline
Mainboard companies with drafts filed with SEBI, same bankers first.
Know the day the price band is out.
We track every mainboard draft from SEBI filing to listing. When Travelstack Tech files its RHP, this page becomes the full IPO page with dates, price band, lot size, GMP and subscription.
Not investment advice. Figures are from the company's draft offer document filed with SEBI and may change in the RHP.
