Cofounders Vaibhav Aggarwal and Adarssh Mnpuria own 19.2% and 6.17% in the company, respectively
Promoter Accel India holds the biggest stake in the company at 21.75%
The company is looking to raise INR 250 Cr with an OFS component of INR 2.68 Cr
Budget hotel chain FabHotels’ parent Travelstack Tech recently filed its draft red herring prospectus (DRHP) with SEBI to raise INR 250 Cr from the public market.
The company’s public offering will comprise a fresh issue of equity shares worth up to INR 250 Cr and an offer-for-sale (OFS) component of up to INR 2.68 Cr. Cofounders Vaibhav Aggarwal and Adarssh Mnpuria are looking to offload 35.82 lakh shares and 17.91 lakh shares, respectively, as part of the OFS.
Shaadi.com founder Anupam Mittal, who is an investor in the company, plans to sell 10.37 lakh shares, as per the DRHP. Other selling shareholders include PGP India Growth Fund, Accel India, Panthera Partners and Qualcomm Asia Pacific.
Aggarwal and Mnpuria own 19.2% and 6.17% in the company, respectively. However, Accel India holds the biggest stake at 21.75%. Panthera Partners, through 3 different funds, holds 18.73%. These include Panthera Opportunities Fund, which has a 9.46% stake, along with Panthera Growth II and Panthera Growth Fund II VCC, which hold 5.65% and 3.62%, respectively.
Other institutional investors include Qualcomm Asia Pacific, which has an 8.01% stake, PGP India, which holds a 5.77% stake and Global Private Opportunities Partners, which owns 10.5% of Fabhotels through two different funds.
Founded in 2014, Gurugram-based FabHotels aka Travelstack operates in the traveltech space. It operates FabHotels, a budget hotel chain that provides standardised stay options across India. As of September 2025, the company said it operated 1,379 properties under the FabHotels brand name in 50 Indian cities and recently introduced a value segment hotel brand Via.
The company also owns TravelPlus, a tech-based corporate travel solution that aids companies in booking travel, managing approvals, process expenses, and receiving comprehensive support throughout the travel lifecycle for their employees.
It was founded by Aggarwal and Mnpuria in 2020, and counts companies such as Zomato operator Eternal, Infra.Market, Zepto, Titan Company, and UnifyApps among its over 100 active enterprise clients. The company noted in the DHRP that it launched the SaaS platform to leverage the supply side expertise it gained in the travel industry by operating FabHotels.
The company is planning to utilise the funds raised through the fresh issue to partly fund its working capital requirements, repayment of debts and other general corporate purposes.
On the financial front, the traveltech company reported its first profitable period in the first half of FY26. It reported a net profit of INR 32.2 Cr in the six months ended September 30, 2025, with an operating revenue of INR 400.4 Cr. Expenses during the period stood at INR 409.6 Cr, and it only managed to turn profitable due to a deferred tax gain of INR 37.4 Cr.
Vaibhav Aggarwal
Aggarwal is the managing director and CEO of Travelstack and has been with the company as a founding member since 2014. He is responsible for the overall strategic direction, operations and growth of the company across both the corporate travel management platform and private label hotel partners. Earlier he was a vice president at Nearbuy India and Bain & Company, and had also cofounded Fabfurnish.
He received a salary of INR 1.2 Cr for FY25.
Adarshsh Mnpuria
Mnpuria is the whole-time director and CFO of Travelstack and has been with the company as a founding member since 2014. He oversees the finance, legal, and human resources functions of the company. He was previously associated with Rocket eServices and Bain Capital Advisors.
He received a remuneration of INR 1.2 Cr in FY25.
I broke Milan Kapadia
Kapadia serves as a non-executive nominee director for Travelstack, representing Panthera’s growth funds invested in the company. He is a CA and has been associated with Travelstack since May 2023. He also serves as an executive director at PGP Advisors.
Vanaja N Sarna
Sarna has been on the board of Travelstack since September 2025, serving as an independent director. She is a retired Indian Revenue Service (IRS) officer, and was part of the Central Board of Excise and Customs for 37 years in various capacities.
Deepak Tuli
Tuli has served as an independent director for Travelstack since October 2025 as a travel industry veteran. He was previously associated with GoIbibio, MakeMyTrip, and Yatra.com and currently holds the post of COO at Orbi Health.
Sumith Ramrao Kamath
Kamath has been part of Travelstack’s board as an independent director since November 2025. He is a CA and is currently a partner with Raadhi Capital Advisors, specialising in IPOs and financial advisory. He previously worked with KPMG and served as group CFO at Sical Logistics Limited.
Bharat Sachdev
Sachdev serves as the company secretary and chief compliance officer at Travelstack, and has worked with the company since August 2025. He is responsible for the company’s corporate secretarial matters, regulatory compliance and corporate governance. He previously served at Paras Healthcare and IndiaMart in managerial positions. He was not paid any remuneration in FY25 as he joined the company in the current financial year.
Prateek Goyal
Goyal is the chief business officer at Travelstack and has been with the company since August 2020. He is responsible for sales strategy, client acquisition, account management and revenue operations for the corporate travel management business and oversees the profit and loss for the hotel business. He has previously worked with Cars24, Practo, Eveready and EY. In FY25, he received a remuneration of INR 1.54 Cr.
Because Malhan
Malhan serves as the chief technology officer for Travelstack and has been associated with the company since November 2015. He is responsible for technology architecture, product development, automation initiatives and infrastructure management for both the travel management and hotel platforms in the company. In the previous fiscal, Malhan received a remuneration of INR 1.37 Cr.
Vivek Mittal
A qualified CA, Mittal holds the post of vice president of finance at Travelstack and has been associated with the company since October, 2023. He is responsible for finance controllership, financial planning and analysis, treasury operations, regulatory compliance, legal and administrative functions in the company. He received a remuneration of INR 74L in FY25.
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