New Delhi, March 16 -- Travelstack Tech Ltd, the parent company of the Accel- and Goldman Sachs-backed hotel chain FabHotels, has received approval from market regulator Securities and Exchange Board of India (SEBI) for its initial public offering (IPO).
The Gurugram-based firm, which runs the TravelPlus business-to-business travel platform for hotel bookings and related services and was earlier known as Casa2 Stays Pvt Ltd, had filed its draft offer document with SEBI in January. The regulator has now cleared the mainboard share sale.
The offering will include fresh shares worth up to Rs 250 crore to be issued by the company. It will also include the sale of up to 26.82 million existing shares by current owners. These sellers include founders Vaibhav Agarwal and Adarsh Manpuria, as well as investors Accel, Goldman Sachs, Panthera Growth Partners, Qualcomm Asia Pacific Pte Ltd, XTO10X Technologies and investor Anupam Mittal.
Proceeds from the fresh issue will be used for day-to-day operations, loan repayment and general corporate purposes. At least 75% of the shares will be offered to qualified institutional investors, including a portion allocated to anchor investors on a discretionary basis. The remaining shares will be split among other non-institutional investors, retail investors and eligible employees.
The company was founded in 2014 by Aggarwal and Manpuria. It operates over 1,300 properties across more than 50 major Indian cities, including Mumbai, Delhi-NCR, Bengaluru, and Goa. The company has raised nearly $68 million from investors including Accel and Goldman Sachs. In September 2023 it secured a $20 million round led by Panthera Partners.
Investment banks Motilal Oswal Investment Advisors, IIFL Capital Services and Nuvama Wealth Management are advising on the IPO, while MUFG Intime India is acting as the registrar.
Rays Power Infra
Solar energy company Rays Power Infra Ltd has withdrawn its plans for a public share sale.
The Mumbai-based firm filed draft papers with SEBI in early October 2025 for an IPOworth Rs 1,150 crore. This included a fresh issue of shares worth up to Rs 900 crore and an offer for sale of up to Rs 250 crore by promoters Ketan Mehta, Pawan Kumar Sharma, Sanjay Garudapally and Vivek Jain.
Of the fresh issue proceeds, Rs 500 crore was earmarked for investment in subsidiary Rays Green Energy Manufacturing to help build a 1.5-gigawatt solar cell factory in Madhya Pradesh. Another Rs 200 crore was planned for working capital requirements, with the remainder allocated for general business needs. The company had also considered raising up to Rs. 180 crore through a pre-IPO placement.
Meanwhile, SEBI has also approved the IPO proposals of Tea Post Ltd and Learnfluence Education Ltd. The IPO proposals filed by Arjun Jewellers Ltd and Madhur Iron & Steel India Ltd were either withdrawn by the companies or were returned by the regulator.
Published by HT Digital Content Services with permission from VC Circle.