Travelstack Tech, formerly Casa2 Stays and better known through its enterprise travel brand TravelPlus, has filed draft papers with the Securities and Exchange Board of India (SEBI). TravelPlus IPO comprising a fresh issue (~INR 250 crore) and an OFS of 2,68,52,969 equity shares.
With backing from marquee investors including Accel, Qualcomm, Goldman Sachs, and Panthera Capital, and led by seasoned founders Vaibhav Aggarwal and Adarssh Mnpuria, TravelPlus is positioning itself as India’s largest hotels-focused corporate travel management platform in terms of FY25 revenue.
Travelstack Tech IPO: Business Overview
Launched in 2020, TravelPlus has rapidly become a trusted travel partner to over 474 enterprise clients, including 100+ NSE-listed companies and 50+ MNCs, such as Titan, Tata Projects, Emcure, Blinkit (Eternal), NIIT, Zepto, and others.
Its technology-driven managed marketplace connects clients to over 25,000 active hotels in India, streamlining not just bookings, but also policy compliance, approval workflows, GST invoicing, analytics, and post-trip support.
Key differentiators include:
- End-to-end travel management, including flights and MICE (Meetings, Incentives, Conferences, and Exhibitions)
- A strategic focus on economy hotel segments (75% of their hotel supply), a historically underserved and fragmented space
- A dual-engine model of process automation + high-touch service delivery (e.g., 24/7 human concierge)
TravelPlus IPO Details
Offer Structure:
- Fresh Issue: Up to INR 250 crore
- Offer for Sale (OFS): Up to 2.69 crore equity shares
- Promoters and investors are partially exiting
- Prominent sellers include:
- Vaibhav Aggarwal: Up to 35.8 lakh shares
- Accel India IV (Mauritius): 67.1 lakh shares
- Qualcomm Asia Pacific: 26.8 lakh shares
- Panthera Growth II VCC: 16.4 lakh shares
Utilization of Net Proceeds:
- INR 135 crore for working capital
- INR 45 crore for debt repayment
- Remainder for general corporate purposes
TravelPlus IPO: Financial Highlights
| Particulars | FY23 | FY24 | FY25 | H1 FY26 |
|---|---|---|---|---|
| Revenue from Ops | 411.3 | 547.8 | 716.3 | 400.4 |
| EBITDA (Adj.) | (3.04) | (5.06) | 16.97 | 8.09 |
| Net Profit | (92.75) | (114.07) | (6.27) | 32.16* |
| GTV (Gross Txn Value) | 493.3 | 703.7 | 879.0 | 484.4 |
| Hotel Share in GTV | 99.71 | 95.92 | 94.18 | 92.71 |
| Active Clients | 314 | 379 | 418 | 474 |
| Active Hotels | 14,795 | 18,198 | 23,691 | 27,247 |
*Note: H1 FY26 Net Profit includes a one-time deferred tax credit of INR 37.4 cr.
TravelPlus reported a Take Rate of 18.64% in FY25 and Adjusted EBITDA margins of 2.15%, signaling improving unit economics and operational leverage.
📈 Cohort Stickiness & Retention
TravelPlus has demonstrated impressive client retention and GTV growth:
- Clients from H1 FY23 grew GTV from base 1.0x to 5.69x by H1 FY26 (42 months)
- Net GTV retention across cohorts ranges from 158.5% to 201.4%
- 115 clients spent >INR 1 crore annually as of Sep 2025, up from just 27 in FY23
Competitive Moat
1. Process + Service Excellence
- Policy engines, approval workflows, ERP/HRMS integrations
- 24/7 concierge, hotel vetting, supplier training
2. Operational DNA from FabHotels
- Deep supply-side know-how, especially in economy segment
- FabHotels and the new “Via” brand include 1,379 properties
3. Custom-Built Tech Platform
- Microservices architecture, mobile-first, scalable for enterprise clients
- Advanced analytics, AI/ML for supplier coordination and issue prediction
4. High Switching Costs for Enterprises
- Deep platform embedding
- Long sales cycles but strong retention due to custom configurations, trained users, relationship managers
📚 Investor & Shareholding Landscape (Pre-IPO, Fully Diluted)
| Shareholder | % of Equity Share Capital |
|---|---|
| Accel India IV | 21.75 |
| Vaibhav Aggarwal (Co-founder) | 19.20 |
| Panthera Opportunities Fund | 9.46 |
| Qualcomm Asia Pacific | 8.01 |
| Adarssh Mnpuria (Co-founder) | 6.17 |
| Others (incl. PGP India, RB Investments) | Remainder |
Founders collectively hold around 25.4%, with Vaibhav Aggarwal at the helm as CEO.
Outlook
TravelPlus aims to ride India’s corporate travel digitalisation wave, with corporate hotel bookings still under-penetrated (20–25% online vs 70%+ for air travel).
Key Growth Levers:
- Expansion in Tier 2/3 cities
- Platform-led cost savings via GST compliance & spend visibility
- Enterprise expansion via cross-sell (flights, MICE)
- Organic flywheel growth — more clients → better rates → higher satisfaction → deeper adoption
💼 Advisors to the TravelPlus IPO
Book Running Lead Managers (BRLMs):
- Motilal Oswal Investment Advisors
- IIFL Capital Services
- Nuvama Wealth Management
Registrar: MUFG Intime India
Final Words
TravelPlus stands out not just as a tech platform, but as a process-integrated, service-heavy operator uniquely positioned in a fragmented, compliance-driven corporate hotel market.
Its high-margin focus, recurring revenues, and enterprise embeddedness offer a compelling story in a space often dominated by consumer OTAs or legacy travel agents. With strong brand equity, expanding cohorts, and improving margins, the Travelstack Tech IPO could attract strong institutional and strategic interest.
Key Watch Areas:
- Scalability of service delivery without margin erosion
- Competitive threats from full-stack OTAs (e.g., MakeMyTrip B2B)
- Platform reliability and client expansion pace post-IPO
With India Inc. sharpening its focus on travel efficiency, GST savings, and compliance, TravelPlus is betting on being the go-to travel OS for enterprises—and the TravelPlus IPO could be its boarding pass to the big league.
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