SNVA Traveltech's IPO filing decoded: Travomint's updated DRHP, page by page

SNVA Traveltech Limited runs Travomint, an online travel agency (a website and app that sells other companies' travel inventory) based in Noida, Uttar Pradesh. It sells mainly flight tickets, plus hotels, airport transfers, car rentals, travel insurance and holiday packages, and says it served travellers in more than 50 countries on 31 August 2026 (page 200; abridged page 4). The company was incorporated on 2 February 2017 as Traveloes Online Private Limited and became a public company in December 2024 (cover pages). India was only 2.69% of FY26 revenue (page 33). FY26 means the year from April 2025 to March 2026.

• Filing: the Updated Draft Red Herring Prospectus-I (UDRHP-I) dated 5 November 2026, with a draft abridged prospectus of the same date, filed under Chapter IIA of SEBI's ICDR regulations, the confidential pre-filing route (page 398). The earlier pre-filed DRHP is dated 29 March 2026 (page 9) and SEBI's final observation letter 6 August 2026 (page 449).
• Size: up to 127,525,000 equity shares of face value ₹1, with the rupee amount left blank until the price is set (cover; page 71). StopDown's arithmetic: that is exactly 25% of the 510,100,000 shares now in issue (page 71).
• Fresh issue: not applicable. The whole offer is an offer for sale (cover; abridged page 1), so the company receives no proceeds (page 119).
• Selling shareholders: promoters Alok Kumar Singh and Vivek Kumar Singh, up to 63,762,500 shares each (cover; page 71).
• Allocation: at most 50% to institutions, at least 15% to non-institutional and at least 35% to retail investors (cover; page 10).
• Listing: NSE and BSE, with in-principle approvals dated 19 June 2026; lead managers Equirus Capital and Anand Rathi Advisors (cover pages). Eligibility is under Regulation 6(1), the profit-record test: average operating profit ₹53.16 crore against ₹15 crore required (page 372).

Figures are restated (past accounts redone on one basis) and consolidated, except FY24, which is standalone, so FY24 is not like for like. StopDown converts ₹ million to ₹ crore. The three months to 30 June 2026 are the first quarter of FY27 and are not annualised.

• Three months to 30 June 2026: revenue from operations ₹51.27 crore, total income ₹52.41 crore, profit after tax ₹23.44 crore (page 76; abridged page 7).
• FY26: revenue ₹189.11 crore, total income ₹195.55 crore, profit before tax ₹94.30 crore, profit after tax ₹70.81 crore (page 76).
• FY25 (consolidated): revenue ₹119.59 crore, total income ₹123.24 crore, profit ₹40.77 crore (page 76).
• FY24 (standalone): revenue ₹37.94 crore, total income ₹39.26 crore, profit ₹15.11 crore (page 76).
• StopDown's arithmetic: FY26 revenue is 58% above FY25. The filing quotes 123.26% a year from FY24 to FY26 (page 199).
• KPIs the filing highlights (abridged page 8): gross transaction value (the full amount customers paid) ₹2,486.35 crore in FY26 against ₹1,363.14 crore in FY25; air ticket bookings 0.53 million against 0.28 million (page 200); blended take rate (revenue divided by that value) 7.61% in FY26; ancillary services, such as seat and class upgrades, 26.53% of FY26 revenue.
• The filing puts FY26 EBITDA margin (profit before interest, tax and depreciation) at 47.53% and PAT margin at 36.21% (abridged page 8). Borrowings were nil at 31 March 2026 (abridged page 7).

• Nowhere in the company: as the offer is only a sale of existing shares, the net proceeds go to the two selling promoters in proportion to what each sells (page 119).
• The sellers bear offer expenses, apart from listing and audit fees and the company's own advertising, which the company bears (page 119).

The table is as at the date of the UDRHP-I, with 510,100,000 shares outstanding (page 71). A bonus issue on 17 September 2025 gave 5,100 shares for each one held (page 106).

• Promoters: Alok Kumar Singh, chairman and managing director, 255,050,000 shares (50.00%); Vivek Kumar Singh, whole-time director, 254,794,950 shares (49.95%) (abridged page 6). Together 99.95% (page 57).
• Promoter group: Shyamanand Singh 142,828 shares (0.03%); Singh Stuti R. and Vandana Yadav 51,010 each (0.01% each); two further listed holders 5,101 each (abridged page 6). StopDown's sum of the seven names is 510,100,000, so there is no outside or institutional investor in the table.
• No employee stock option scheme and no preference shares (pages 106 and 107); none of the promoters' shares are pledged (page 109).
• If all offered shares sell, StopDown's arithmetic gives Alok Kumar Singh 191,287,500 shares (37.50%) and Vivek Kumar Singh 191,032,450 (37.45%); the share count stays 510,100,000 (page 71).
• Lock-in: 20% of post-offer capital is locked for 18 months and the rest of the promoters' shares for 6 months (page 109).

The abridged prospectus names ten top risks (abridged page 9); these five are in StopDown's words. Separately, the filing discloses late Companies Act forms, one filed 182 days late (risk factor 30, page 54).

• Risk factor 3 (pages 29 and 30): the biggest travel partner supplied 31.91% of FY26 revenue and the top five 98.13%; the partners are unnamed.
• Risk factor 6 (pages 32 and 33): North America gave 60.47% of FY26 revenue (the United States alone 43.82%), against 2.69% from India.
• Risk factor 28 (pages 50 and 51): after acquiring SNVA Travel and Tours L.L.C. in FY25 the company moved from service fees to commissions, so years do not compare cleanly: nearly all FY24 revenue (₹36.50 crore of ₹37.94 crore) was service fees.
• Risk factor 5 (pages 31 and 32): the accounts of a UK subsidiary carry a going-concern uncertainty, with negative net worth at FY26; the parent has promised support until 4 August 2027.
• Risk factor 34 (page 56; pages 357 and 358): One Wave Venture LLC filed a claim on 9 July 2026 against subsidiary Travomint L.L.C. in a Texas federal court, alleging Air India tickets were sold below published fares in March and April 2025. Damages are not quantified, and the court stayed the matter on 20 August 2026. The filing shows no case against the company, promoters or directors, and no SEBI action against the promoters in five years (pages 356 and 357).

Status as of 14 November 2026: Moneycontrol reported the filing on 7 November and The Hans India on 12 November; neither gives a price band or IPO dates, and the filing's own band, dates and rupee size are blank (cover; page 71). SEBI's observation letter of 6 August 2026 came on the confidential route, so this UDRHP-I is the public stage.

• Public comments: the UDRHP-I is open for at least 21 days from filing; if changes follow, an UDRHP-II is filed before the RHP (page 398).
• Red herring prospectus (RHP): adds the price and size. The band is advertised at least two working days before opening, and bidding opens at least three working days after the RHP is filed (cover; page 10). Anchors bid one working day before opening; bidding stays open at least three working days; listing follows within three working days of closing, as of November 2026 (cover; pages 6, 388 and 397).
• The Read next guides explain DRHP, RHP and price band, offer for sale versus fresh issue and the IPO lock-in period.

This guide reads a filing; it is not investment advice.

• The filing: SNVA Traveltech Limited, Updated Draft Red Herring Prospectus-I dated 5 November 2026, from SEBI's website. Page convention: 'page N' is the number printed at the foot of the UDRHP-I, which is the PDF page minus 7 (checked on PDF pages 33, 83, 126 and 365 = pages 26, 76, 119 and 358); cover pages are unnumbered.
• The draft abridged prospectus of 5 November 2026 (SEBI): 'abridged page N' is the page of that 11-page PDF, cover as page 1, which matches its printed numbers.
• Status: Moneycontrol, 7 November 2026, moneycontrol.com
• Status: The Hans India, 12 November 2026, thehansindia.com