New Delhi, Feb. 26 -- TravelPlus has filed for an IPO after proving a counterintuitive thesis: India's fragmented corporate economy hotel segment - long avoided by competitors as operationally difficult - can deliver superior economics when managed with the right capabilities at scale.

The opportunity hiding in plain sight: 69% of corporate hotel demand occurs in economy properties (under Rs.3,500 per night), yet 95% of this supply is unbranded and scattered across Tier 2/3 cities. Traditional travel management companies avoid this segment, focusing instead on premium bookings. Consumer OTAs list these properties but lack the corporate compliance tools and service infrastructure enterprises require.

Hotels represent 34% of corporate tra...