Upcoming IPO: TravelPlus Files Draft Papers with SEBI to Raise Funds

Travelstack Tech, which operates the business travel platform TravelPlus, has filed draft papers with the SEBI for an Initial Public Offering (IPO).  

The proposed IPO will include a fresh issue of equity shares worth up to ₹250 crore and an offer-for-sale of up to 2.68 crore shares by promoters and existing investors. The company is headquartered in Gurugram. 

Issue Structure and Placement Plan 

According to the draft red herring prospectus, the company may carry out a pre-IPO placement of up to ₹50 crore. If this placement is completed, the size of the fresh issue will be reduced to that extent. The offer-for-sale will see participation from promoters Vaibhav Aggarwal, Adarssh Mnpuria and Anupam Mittal, along with institutional shareholders. 

Shareholding Pattern 

On a fully diluted basis, promoters together hold 26.26% of Travelstack Tech. Public shareholders account for 73.74% of the equity.  

Panthera Growth Partners is the largest shareholder with a 24.5% stake, followed by Accel India at 21.75%. Goldman Sachs holds 10.5%, while other investors include Qualcomm and XTO10X Mauritius. 

Use of Fresh Issue Proceeds 

The company plans to use ₹135 crore from the fresh issue towards working capital requirements. Another ₹45 crore has been earmarked for repayment of borrowings. The remaining amount will be used for general corporate purposes.  

As of November 2025, Travelstack Tech’s outstanding borrowings stood at ₹78.4 crore, as per the draft papers. 

Business Operations 

Travelstack Tech was earlier known as Casa2 Stays. It operates TravelPlus, a hotel-focused corporate travel management platform used by enterprises for travel bookings, approvals, expense processing and related services. The company reported serving 474 enterprise clients during the period disclosed in the DRHP. 

 It stated that there are no listed companies with a directly comparable business model. 

TravelPlus Financial Performance 

For the year ended March 2025, the company reported a net loss of ₹6.2 crore, compared with a loss of ₹114 crore in the previous year.  

Revenue during the year rose 30.8% to ₹716.3 crore from ₹547.8 crore. For the 6 months ended September 2025, Travelstack Tech reported a net profit of ₹32.1 crore on revenue of ₹400.3 crore. 

Motilal Oswal Investment Advisors, IIFL Capital Services and Nuvama Wealth Management have been appointed as the book-running lead managers for the proposed IPO. 

Read More: Zepto Plans $500 Million IPO Filing in India Next Week! 

Conclusion  

The proposed issue includes a fresh equity raise and stake dilution by promoters and investors. The draft papers also highlight the company’s revenue growth and lower losses in recent reporting periods.