Travelstack Tech IPO

About Travelstack Tech IPO

The IPO of Travelstack Tech comprises a fresh issue and an offer for sale. The fresh issue aggregates up to ₹250 crores, while the offer for sale aggregates up to 26,852,969 equity shares. The price band is ₹[TBA] per share.
Travelstack Tech IPO opens on [TBA] and closes on [TBA]. The allotment of shares will take place on [TBA]. The credit of shares to the Demat account will take place on [TBA]. The initiation of refunds will take place on [TBA]. The listing of shares will take place on [TBA]. The lot size of shares in the IPO is [TBA]. The minimum number of lots in the IPO for retail investors is [TBA]. The minimum investment amount required by a retail investor is ₹[TBA] based on the upper price. Travelstack Tech operates TravelPlus, India’s largest hotels-focused corporate travel management platform for enterprise clients. The company’s 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 optimise travel spends, improve policy compliance, and drive convenience for all stakeholders.

Objectives of Travelstack Tech IPO

The company proposes to utilise the net proceeds received for:

• Part-funding the working capital requirements of the company
• Repayment and / or prepayment, in full or in part, of certain borrowings availed by the company
• General corporate purposes

Industry Outlook

The global travel and tourism market was valued at ₹292.8 trillion in CY 2024 and projected to grow to ₹439.2 trillion by CY 2030P, representing a robust expansion trajectory. Also, the global corporate travel market is projected to expand from ₹ 73.6 trillion in CY 2024 to ₹108.1 trillion by CY 2030P, representing a robust 6.6% CAGR.

India’s travel and tourism market has reached ₹ 10.6 trillion in Fiscal 2025 and is expected to grow to ₹ 16.6 trillion by Fiscal 2030P, representing a strong 9.4% CAGR. The growth trajectory is underpinned by rising disposable incomes, accelerated digital adoption with expanding OTA penetration, surging corporate travel demand driven by business expansion, enhanced transport connectivity, and substantial investment-led capacity expansion across hotels, airports, and tourism infrastructure.

Travelstack Tech Company Information

Travelstack Tech operates TravelPlus, India’s largest hotels-focused corporate travel management platform for enterprise clients. The 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 optimise travel spends, improve policy compliance, and drive convenience for all stakeholders.

Strengths of Travelstack Tech

• Leading hotels-focused corporate travel platform combining process and service excellence
• Deep operational expertise rooted in hospitality origins
• Strong client retention through operational embedding and relationship capital
• Established brand trusted by enterprises across sectors
• Comprehensive technology platform purpose-built for enterprise complexity
• Demonstrated financial performance and operational leverage
• Founder-led enterprise supported by experienced management team and board

Risks of Travelstack Tech

• Any downturn in the corporate travel market, the travel industry in general or a reduced demand for hotel accommodation may have an adverse impact on business
• Any technical failure or prolonged downtime could result in client dissatisfaction, churn, and loss of revenues
• Success of business is dependent on the ability to retain existing enterprise clients and attract new enterprise clients
• Any inability to successfully launch new features could result in loss of clients and operating revenues
• The travel industry in India is intensely competitive and the company may not be able to effectively compete in the future
• Dependence on third-party service providers and suppliers involves risks, including security incidents, service disruptions and operational failures
• The company has a restricted history operating its business at its current scale
• Failure to develop brands and maintain reputation could hamper business and results of operation
• History of negative cash flow in the past and such negative cash flow in the future may have an impact on liquidity
• Delays in receiving payment of outstanding dues from third parties may affect financial condition

Comparison with Peers

There are no listed companies in India or globally that operate a similar hotel focused corporate travel platform of comparable business model and scale, which can be used for a KPI comparison with industry peers.

Anchor Investor Bidding Date

TBA

IPO Registrar and Book Running Lead Managers

• IPO Registrar: MUFG Intime India
• Book Running Lead Managers: Motilal Oswal Investment Advisors, IIFL Capital Services and Nuvama Wealth Management

Travelstack Tech Business Model

The company’s 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 optimise travel spends, improve policy compliance, and drive convenience for all stakeholders.

While hotels are its strategic focus, TravelPlus 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.

Travelstack Tech Company Growth Trajectory

The revenue from operations of Travelstack Tech increased from ₹411.273 crores in FY 23 to ₹716.348 crores in FY 25. Its adjusted EBITDA margin moved from the negative territory of (0.69)% in FY 23 to 2.15% in FY 25. Deep operational expertise rooted in hospitality origins and strong client retention have helped the company grow over the years.

Travelstack Tech Market Position

During the six months ended September 30, 2025, TravelPlus served 474 enterprise clients, including over 100 NSE-listed companies and over 50 multinational corporations. 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.

How to Apply for Travelstack Tech IPO?

To apply for Travelstack Tech IPO:

• Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.