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Travelstack Tech operates TravelPlus, India’s largest hotels-focused corporate travel management platform for enterprise clients, in terms of revenue from operations in Fiscal 2025. (source: 1Lattice Report)
National 18 th December 2025 ( TGN )-New Delhi -based Travelstack Tech has filed its Draft Red Herring Prospectus (DRHP) with capital markets regulator, Securities and Exchange Board of India (SEBI) for its Initial Public Offering (IPO).
The IPO, with a face value of Rs 1, is a fresh issue up to Rs 250 crore and an offer for sale up to 26,852,969 shares by promoters – Vaibhav Aggarwal, Adarssh Mnpuria.
Other selling shareholders are Anupam Mittal, Accel India IV (Mauritius) Ltd, Global Private Opportunities Private Partners II LP, Global Private Opportunities Partners II Offshore Holdings LP, Panthera Growth Fund II VCC, PGP India Growth Fund I, Panthera Growth II, Qualcomm Asia Pacific Pte. Ltd, and XTO10X Mauritius Pte. Ltd.
The proceeds from its fresh issuance worth Rs 135 crore will be utilised for part funding the working capital requirements of the company, Rs 45 crore for repayment and / or prepayment, in full or in part, of certain borrowings availed by the company, and general corporate purposes.
The issue is being made through the book-building process, in line with SEBI ICDR Regulations, with up to 75% reserved for Qualified Institutional Buyers (QIBs), not less than 15% for Non-Institutional Investors (NIIs), and at least 10% for Retail Individual Investors (RIIs).
The company, in consultation with the book-running lead managers, may consider a pre-IPO Placement for up to Rs 50 crore. The pre-IPO placement if completed, the fresh issue size will be reduced.
Travelstack Tech earlier known as Casa2 Stays, operates TravelPlus, India’s largest hotels-focused corporate travel management platform for enterprise clients, in terms of revenue from operations in Fiscal 2025. (source: 1Lattice Report).
During the six months ended September 30, 2025, TravelPlus served 474 enterprise clients, including over 100 NSE-listed companies and over 50 multinational corporations, with clients such as ABInBev, Astral Limited, Comviva, Emcure Pharmaceuticals, Eternal (formerly Zomato; including Blinkit and others), Jyothy Labs, NIIT, Shalimar Paints, Tata Projects, Titan Company, Ujjivan Small Finance Bank, and Zepto through a managed marketplace of over 25,000 active hotels, in India, across economy and premium segments.
Its platform enables employees and travel desks of enterprises to book travel, manage approvals process expenses, and receive comprehensive support throughout the travel lifecycle – helping enterprises optimize travel spends, improve policy compliance, and drive convenience for all stakeholders. While hotels are its strategic focus, the company provides comprehensive, integrated solutions that enable enterprises to consolidate all travel needs – flights, ground transportation and MICE, onto a single platform, eliminating the need for multiple vendors.
Its platform delivers both process excellence (Source: 1Lattice Report) – workflow automation, policy compliance, GST-compliant invoicing, real-time analytics, expense management, and ERP/ HRMS integrations; and service excellence (source: 1Lattice Report) – dedicated relationship managers, 24/7 human concierge, and active hotel supplier management. Together, this creates deep operational embedding with enterprise clients, resulting in a SaaS-like business model with high stickiness and strong GTV expansion over time.
In the six months ended September 30, 2025 and Fiscals 2025, 2024 and 2023, hotels represented 92.71%, 94.18%, 95.92% and 99.71% of its gross transaction value (GTV), respectively.
Its revenue from operations for the six months ended September 30, 2025 was Rs 400 crore and its net profit was Rs 32 crore. Its revenue from operations was Rs 716 crore during FY25 vis-à-vis Rs 411 crore during FY23.
The Indian corporate travel sector (excluding MICE) was valued at ₹ 3.6 trillion in Fiscal 2025, with the hotel segment representing 34% of the total market and 55% of the market’s profit pool. India’s corporate travel market faces fragmented supply, manual processes, compliance gaps, and inconsistent service delivery – that create significant operational overhead, compliance challenges and inconsistent service delivery for enterprises. (Source: 1Lattice Report)
Motilal Oswal Investment Advisors Ltd, IIFL Capital Services Ltd and Nuvama Wealth Management Ltd are the book running lead managers, and MUFG Intime India Private Limited is the registrar to the issue. The shares are proposed to be listed on the BSE and NSE.
