Anupam Mittal-backed Travelstack Tech files DRHP, eyes ₹250-cr via IPO

Travelstack Tech proposes to utilise the net fresh issue proceeds for partly funding its working capital requirements and prepayment or repayment of certain borrowings

Goldman Sachs and Anupam Mittal-backed Travelstack Tech has filed its draft red herring prospectus (DRHP) with the capital markets regulator Securities and Exchange Board of India (Sebi) to raise funds through an initial public offering (IPO). 

 

The company aims to raise ₹250 crore through a mix of a fresh issue and an offer for sale (OFS) of up to 26.85 million equity shares. Under the OFS, promoters Vaibhav Aggarwal and Adarssh Mnpuria will offload a part of their holdings. Other selling shareholders are Anupam Mittal, Accel India IV (Mauritius), 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, and XTO10X Mauritius.

 

 

The shares carry a face value of ₹1 each, and the issue will be launched through the book-building route under Sebi’s ICDR Regulations. 

 

According to the DRHP, not less than 75 per cent of the offer will be reserved for qualified institutional buyers (QIBs), not more than 15 per cent for non-institutional investors (NIIs) and not more than 10 per cent for retail individual investors (RIIs).  

 

The company proposes to utilise the net fresh issue proceeds for partly funding its working capital requirements and prepayment or repayment of certain borrowings availed by the company. The remaining funds will be used for general corporate purposes. 

 

MUFG Intime India is the registrar of the issue. Motilal Oswal Investment Advisors, IIFL Capital Services, and Nuvama Wealth Management are the book-running lead managers.

About Travelstack Tech

Travelstack Tech, formerly Casa2 Stays, operates TravelPlus, a hotels-focused corporate travel management platform for enterprise clients. During the six months ended September 30, 2025 (H1FY26), TravelPlus served 474 enterprise clients, including over 100 NSE-listed companies and over 50 multinational corporations.

 

Its platform enables employees and travel desks of enterprises to book travel, manage approvals, process expenses, and receive comprehensive support throughout the travel lifecycle.

 

In the H1FY26 and FY25, FY24 and FY23, hotels represented 92.71 per cent, 94.18 per cent, 95.92 per cent and 99.71 per cent of their gross transaction value (GTV), respectively. Its revenue from operations for H1FY26 was ₹400 crore, and its net profit was ₹32 crore. For FY25, revenue from operations was at ₹716 crore and ₹411 crore during FY23.