Business travel platform TravelPlus operator Travelstack Tech, which is backed by global marquee names like Accel, Goldman Sachs, Panthera, and Qualcomm, has approached capital markets by filing Draft Red Herring Prospectus (DRHP) with SEBI to raise funds via initial public offering.
The Gurgaon-based travel management platform has proposed to raise Rs 250 crore by issuing new shares, while promoters and investors will be offloading up to 2.68 crore equity shares via offer-for-sale.
The fresh issue component will also consist of pre-IPO placement worth up to Rs 50 crore.
Apart from promoters - Vaibhav Aggarwal, Adarssh Mnpuria, and Anupam Mittal, Accel India, Goldman Sachs, Panthera, Qualcomm, and XTO10X Mauritius (founded by ex-Flipkart Binny Bansal, Saikiran Krishnamurthy, and Neeraj Aggarwal) will be selling shareholders in the offer-for-sale.
Promoters hold 26.26 percent stake (on fully diluted basis) in Travelstack Tech, and the public shareholders' holding stood at 73.74 percent. Panthera Growth Partners (the Singapore-based growth equity firm led by Shilpa Kulkarni) is the largest shareholder in the company with 24.5 percent stake, followed by Accel India (21.75 percent), Vaibhav Aggarwal (19.2 percent), and Goldman Sachs (10.5 percent).
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Travelstack, earlier known as Casa2 Stays that operates India’s largest hotels-focused corporate travel management platform for enterprise clients intends to utilise Rs 135 crore of fresh issue proceeds for working capital requirements, Rs 45 crore for repayment of debt, and the remainder funds for general corporate purposes.
As of November 2025, the aggregate outstanding borrowings of the company was Rs 78.4 crore.
TravelPlus platform that enables employees and travel desks of enterprises to book travel, manage approvals, process expenses, and receive comprehensive support throughout the travel lifecycle has made substantial improvement in its earnings performance in the recent past years. It has reduced losses significantly to Rs 6.2 crore in the year ended March 2025, from loss of Rs 114 crore in previous year. Revenue during the same period surged 30.8 percent to Rs 716.3 crore, up from Rs 547.8 crore in previous year.
Further, it has recorded profit of Rs 32.1 crore on revenue of Rs 400.3 crore for the six-month period ended September 2025.
The hotel-focused corporate travel management platform that served 474 enterprise clients does not have comparable peers in the listed space domestically as well as globally.
Motilal Oswal Investment Advisors, IIFL Capital Services, and Nuvama Wealth Management are appointed as the merchant bankers for managing the TravelPlus IPO.
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