India’s corporate travel and expense management sector is set to welcome a new public-market contender as Travelstack Tech, the operator of the TravelPlus platform, has filed draft papers for an initial public offering.
The proposed IPO aims to raise up to ₹250 crore through a fresh issue of shares, alongside an offer-for-sale by existing promoters and investors, marking a significant milestone for one of the country’s fastest-growing enterprise travel technology companies.
Backed by a roster of high-profile investors including Accel, Goldman Sachs, Panthera Growth Partners, and Qualcomm, Travelstack’s public-market ambitions reflect renewed optimism around business travel spending and digital platforms that help companies manage costs more efficiently.
The company may also complete a pre-IPO placement of up to ₹50 crore, which would reduce the size of the fresh issue, giving it flexibility in timing and capital structure ahead of listing.
TravelPlus positions itself as a full-stack corporate travel management platform, enabling enterprises to manage bookings, approvals, expenses, and traveler support through a single system. The platform primarily focuses on hotel-centric corporate travel, a segment that has gained importance as companies seek negotiated rates, standardized policies, and real-time visibility into travel spend. As of the latest reporting period, TravelPlus served 474 enterprise clients, spanning large corporations and fast-growing businesses across India.
The company’s financial performance has improved sharply in recent years, strengthening the case for an IPO. For the financial year ended March 2025, Travelstack reduced its losses to ₹6.2 crore from ₹114 crore the previous year, while revenue rose 30.8 percent to ₹716.3 crore. The turnaround accelerated in the first half of the current fiscal year, with the company reporting a profit of ₹32.1 crore on revenue of ₹400.3 crore for the six months ended September 2025. This shift toward profitability signals a maturing business model and improved operating leverage.
Proceeds from the fresh issue are expected to be used primarily for working capital needs, debt repayment, and general corporate purposes. Around ₹135 crore is earmarked for working capital, supporting higher transaction volumes and platform expansion, while ₹45 crore will go toward reducing outstanding borrowings. As of November 2025, Travelstack carried total borrowings of ₹78.4 crore, making balance-sheet strengthening a key objective ahead of listing.
The shareholding structure highlights the institutional nature of the company even before going public. Promoters hold just over 26 percent of the company on a fully diluted basis, while public shareholders account for nearly 74 percent. Panthera Growth Partners is the largest shareholder, followed by Accel India and Goldman Sachs, underscoring sustained investor confidence despite earlier market volatility.
TravelPlus operates in a niche with limited listed peers, both domestically and internationally. Unlike consumer-facing travel platforms, corporate travel management relies on long-term contracts, deep integration with enterprise workflows, and recurring usage. As companies continue to emphasize compliance, cost control, and automation in travel programs, platforms like TravelPlus may benefit from structural demand beyond cyclical travel trends.
If successful, the IPO would position TravelPlus among a new wave of travel-tech companies tapping public markets, offering investors exposure to the evolving intersection of enterprise software and business travel.