An information platform for unlisted & pre-IPO sharesNot a SEBI-recognised stock exchange or trading platformAll prices are indicative
UnlistedZone
HomeSharesE Trav Tech Limited

E Trav Tech Limited

TechnologyISIN · INE0NQH01022
102
Indicative price · for information
▲ +0.0% 6M
As of 17 Sept 2026
Indicative price history
₹0(+0.00%)over 6M
Indicative levels compiled by our team for information only — not a price feed, quote, or offer to deal.
Lot size
500
52-wk high
₹102
52-wk low
₹102
Market cap
1,185 Cr

About the companyE Trav Tech Limited

Business model

What it is: E Trav Tech Ltd is a B2B travel wholesaler — a consolidator. Its customer is never the traveller; it is the travel agent. Etrav aggregates supply at scale, then distributes it to roughly 35,000 small Indian agencies, 1,200 distributors, and 600+ API/white-label clients who could never access that supply on their own terms.

Why the middle position exists: Airlines and hotel chains want to move inventory in blocks and get paid early; they don't want to manage thousands of tiny agency relationships. Small agents want net fares, credit, and a booking system; they have no bargaining power and no tech budget. Etrav absorbs both problems. It puts up cash and takes inventory risk in exchange for a wholesale discount, and it puts up technology in exchange for distribution lock-in.

The three things it actually owns:

  • Accreditations and supplier relationships (IndiGo, Emirates, Etihad, Air India; Amadeus, Galileo, Sabre; Expedia, Agoda, WebBeds, Hotelbeds)

  • Distribution — the agent network and the API/XML layer that makes switching costly

  • Working capital, which is the real bottleneck

Corporate structure: the parent holds three subsidiaries — Eagle Crest Tourism LLC and Eagle Crest Global (destination management, acquired 2023) and Codemagen Technologies (tech, incorporated 2024). This is deliberate: flights generate cash and volume, the subsidiaries are where margin is supposed to come from.

The core mechanic: buy inventory in bulk, upfront, at 30–50% off published fares → hold it → resell at net fares plus a spread. Selling forward what you have already paid for is what earns the discount, and it is also why the business is permanently hungry for cash. The deck states the ratio plainly: every ₹1 crore of working capital supports about ₹4 crore of turnover.

Revenue model

Four product lines, each monetised differently.

1. Flights — four separate streams, not one commission

Stream

How it earns

Deposit incentives

2–5% earned on money deposited with airlines upfront

Commissions

"Cut and pay" basis, linked to real-time volume targets; calculated on basic fare

Markup income

Spread on pre-purchased tickets, hotel rooms, land transfers

Segment optimisation

Profit maximised by allocating inventory across routes

Note that two of these four are pure functions of how much cash Etrav can put down. This is the clearest link between the balance sheet and the P&L.

2. Hotels — buys room blocks in bulk, resells them standalone or bundled into packages; separately distributes 500,000+ properties via API. Gross margin is 4% of GTV today, targeted at 8% as own-ticketing and food sales come in. Ticket sizes are ₹15–20k versus ₹8–10k for flights, so each transaction carries more absolute margin.

3. Eagle Crest (DMC) — ground handling, transfers and sightseeing for Indian outbound tourists. Margins by market: Vietnam 20%, Bali 15%, Dubai 10%, Thailand 7–10%, new locations 10–15%. The business was moving entirely to a pre-purchase model from April 2025, with blended margin targeted to rise from 15% to 17% by FY27.

4. Codemagen — standard IT model: an upfront implementation payment plus a recurring monthly, usage-based SaaS fee. Sells to Etrav internally and to third parties. This is the only line with genuinely scalable margins, and also the least proven.

In one sentence: Etrav converts working capital into supplier discounts, and converts a distribution network plus API into the ability to resell those discounts at a spread — with hotels, DMC and software layered on top specifically because the flight spread is too thin to build a company on.

Key dataFundamentals

Indicative price
₹102
Lot size
500
52-wk high
₹102
52-wk low
₹102
Market cap
1,185 Cr
No. of shares
11,61,35,263
Outstanding
P/E ratio
42.32
P/B ratio
6.08
Debt / Equity
0.09
ROE
14.51%
Book value
₹16.78
Face value
₹2
ISIN
INE0NQH01022
PAN
AAECR8945A
Company PAN

Figures in ₹ CrFinancials

ParticularsFY22FY23FY24FY25Latest
Revenue7.4519565011%
EBITDA-1.755201620%
OPM (%)-23.4926.3235.713210%
PBT4.320.6253540%
PAT3.4316.6202840%
EPS (₹)5.582.571.82.4436%

Corporate calendarEvents

17 Jul 2026
othersE Trav Raising Funds
PDF

OwnershipShareholding Pattern

Equity Shareholding

Khurjibhai Rupareliya29.62%
Lalitaben Rupareliya29.64%
Henil Rupareliya12.70%
Parshottam Rupareliya12.70%
Others15.33%
Total99.99%

Capital historyFund Raise History

DateAmount RaisedPriceAllotment TypeInstrumentPAS‑3Valuation Report
09 Sept 2025₹5 Cr₹902 nominal + ₹88 premiumPrivate PlacementEquity Shares
02 Sept 2025₹2.6 Cr₹902 nominal + ₹88 premiumPrivate PlacementEquity Shares
20 Aug 2025₹5.55 Cr₹902 nominal + ₹88 premiumPrivate PlacementEquity Shares
21 Jan 2025₹13.53 Cr₹752 nominal + ₹73 premiumPrivate PlacementEquity Shares
21 May 2024₹10.5 Cr₹702 nominal + ₹68 premiumPrivate PlacementEquity Shares
Showing 15 of 6

LeadershipManagement

HR
Heniel Rupaarelia
Managing Director
10+ yrs experienceLinkedIn
DD
Dharmesh Doshi
CFO
12+ yrs experienceLinkedIn
SH
Sufail Husain
CEO
10+ yrs experience

Reports & filingsYear-wise Annual Reports & Financials

Official annual reports and financial statements filed by E Trav Tech Limited, year by year. PDFs open in a new tab.

2025FY 2024–251 file
Annual Report
Not available
Financial Report
FY 2024–25 · PDF

QuestionsFrequently asked

How to buy E Trav Tech Limited?

Please find below the procedure for buying E Trav Tech Limited at UnlistedZone.

  1. 1. You confirm booking of E Trav Tech Limited Unlisted Shares with us at a trading price.

  2. 2. You provide your client master report (ask the broker if not available) along with PAN Card and Cancelled Cheque in case you are not transferring funds from the bank account as mentioned in the CMR Copy. These are KYC documents required as per SEBI regulations.
  3.  
  4. 3. We Will Provide the Bank details. You need to transfer funds to that account.

  5. 4. Payment has to be done in RTGS/NEFT/IMPS CHEQUE TRANSFER. No CASH DEPOSIT.

  6. 5. Payment has to be done from the same account in which shares are to be credited.

  7. We will transfer the shares in 24 hours if funds are credited before 2 pm. Important

    Note: Please note that the lock-in period for selling E Trav Tech Limited Unlisted Shares is 6 months after listing. Hence, you can’t sell E Trav Tech Limited Unlisted Shares which you bought in Pre-IPO for 6 months after its listing. i.e., You can sell it only after 6 months calculated from the listing date. For any queries, please contact us at [email protected]
How to sell E Trav Tech Limited?

Please find below the procedure for selling E Trav Tech Limited at UnlistedZone.


  1. 1. We will confirm our buying price of E Trav Tech Limited.

  2. 2. We will give you our client master report and you will transfer E Trav Tech Limited to our demat account.

  3. 3. We will ask for your bank details once E Trav Tech Limited are received in our demat account.

  4. 4. We will transfer the funds to your bank account within 24 hrs of receiving E Trav Tech Limited.

  5. 5. Payment will be made in RTGS / NEFT / CHEQUE TRANSFER/IMPS. No CASH DEPOSIT.

  6. 6. Payment will be given in the same account which is linked to the demat account or you need to provide the cancelled cheque showing your name to verify. As per SEBI regulations, the transfer of funds to a third-party account is not legal and our policy refrains us from doing so.

    Note:
    The price at which we are buying is valid for same day only. If you can't sell your stock on the same day, then the price of that day will be applicable when we receive the shares in our demat.
What is the lock-in period of E Trav Tech Limited?

The lock-in period for E Trav Tech Limited varies depending on the category of investors:

  1. 1. For Venture Capital Funds or Foreign Venture Capital Investors, there is a lock-in period of 6 months from the date of acquisition of E Trav Tech Limited.

  2. 2. For AIF-II (Alternative Investment Funds - Category II), there is no lock-in period.

  3. 3. For other types of investors, which include Retail Investors, High Net-worth Individuals (HNIs), or Body Corporates, the lock-in period is 6 months from the date of the IPO listing of E Trav Tech Limited.

This regulation was introduced by SEBI in August 2021. The rule change, which reduced the lock-in period from one year to six months, was aimed at encouraging more investments in startups that are preparing for public offerings or IPOs. This reduction in the lock-in period is seen as a significant step forward, and since its introduction, many Portfolio Management Services (PMS) have been advising their clients to invest in Pre-IPO shares to capitalize on the benefits of early-stage investments.

However, for SME IPOs, the lock-in period is of One year.

How is DIS used to sell E Trav Tech Limited?

DIS, or Delivery Instruction Slip, is a tool used by investors to sell or transfer E Trav Tech Limited from their demat account to another. There are two types of DIS Methods:

1. Offline-DIS: This is a traditional, paper-based method for transferring shares. When using Offline-DIS, investors are required to fill out a DIS form and submit it to their broker. The necessary fields in the form include:

a. ISIN number of E Trav Tech Limited.

b. Name of E Trav Tech Limited.

c. Quantity of E Trav Tech Limited.

d. Consideration Amount.

e. Target DP ID and Client ID.

f. Annexure.

2. Online DIS: Some brokers offer the facility to transfer E Trav Tech Limited through an online DIS system. It's advisable to check with your broker if such a facility is available.

For instance, platforms like Angel Broking provide an Online-DIS feature. In this method, an investor simply needs to add a beneficiary and transfer E Trav Tech Limited by filling in details similar to those required in the Offline-DIS.

For a more comprehensive understanding of this process, you can refer to our detailed article: https://unlistedzone.com/how-do-i-sell-my-unlisted-shares/

 

Minimum Ticket Size for investment in E Trav Tech Limited?

In recent years, the unlisted share market has expanded significantly, leading to a reduction in the minimum investment amount. Previously, the typical investment ticket size ranged from 5-10 Lakhs, but in the current market scenario, it has decreased to between 35-50k. Therefore, through our UnlistedZone platform, if someone wishes to invest in E Trav Tech Limited, the minimum investment required would now be in the range of 35-50k

Is buying E Trav Tech Limited legal in India?

Yes, buying and selling unlisted shares in India is indeed 100% legal. This activity is regulated and governed under the guidelines provided by the Securities and Exchange Board of India (SEBI). Investors and traders must adhere to these regulations and guidelines to ensure compliance with legal and financial standards. It's important for participants in the unlisted share market to be aware of and understand these regulations to engage in transactions legally and securely

Short-term Capital Gain taxes to be paid on E Trav Tech Limited?

When you sell unlisted shares within a period of two years from the date of acquisition, any profit earned from the sale is classified as Short-term Capital Gain (STCG). This gain is then added to your total income for that financial year. The tax on this short-term capital gain is calculated based on your applicable individual income tax slab rates. Therefore, the rate at which you will pay tax on the STCG from unlisted shares depends on your total income, including this gain, and the tax slab it falls under as per the prevailing income tax laws in India. It's important for investors to consider these tax implications when engaging in transactions involving unlisted shares.

Long-term Capital Gain taxes to be paid on E Trav Tech Limited and How are They Taxed?

Long-term Capital Gains (LTCG) on unlisted shares in India refer to the profits earned from the sale of unlisted shares that have been held for more than two years. The key aspects of LTCG on unlisted shares include:

    • 1. Tax Rate: LTCG on unlisted shares is taxed at a rate of 20%. However, it has now changed in Budget 2024 from 23rd July 2024 to 12.5%.

    • 2. Indexation Benefit
      : This is a significant advantage for investors. Indexation allows for adjusting the purchase price of the shares for inflation, which can reduce the taxable gain. However, This has removed in the Budget 2024 from 23rd July 2024.

    • 3. Importance for Investors
      : Understanding LTCG is crucial, especially for High Net-worth Individuals (HNIs) and retail investors, as it impacts their investment strategy and tax planning. Knowing these details helps in making informed investment decisions.

    • 4. Calculation
      : New LTCG will be calculated from 23rd July 2024 as flat rate of 12.5%.

    • 5. Applicability: LTCG tax is applicable to profits from the sale of unlisted shares held for more than two years.

    • 6. Relevance
      : This tax is particularly relevant to investors in the unlisted share market, including those considering selling their holdings after a period of more than two years.
Applicability of Taxes on E Trav Tech Limited once it is listed?

When shares initially bought in the unlisted market become listed, the taxation rules change significantly if these shares are sold through a stock exchange. Here's what investors need to know:

Transition to Listed Market Tax Rates: 
Once unlisted shares are listed on the stock exchange and subsequently sold, the tax rates applicable to listed securities come into effect. This shift means that the favorable tax treatments for listed shares, as per the prevailing tax laws, will apply.

Taxation Based on Holding Period: 
The crucial factor in determining the type of capital gains tax (Long-term or Short-term) is the holding period of the shares. Importantly, this period is calculated from the original purchase date when the shares were unlisted.

Long-term vs. Short-term Capital Gains: If the shares are sold after being held for more than one year from the date of purchase (including the period when they were unlisted), they are subject to Long-term Capital Gains (LTCG) tax.

Conversely, if sold within one year, Short-term Capital Gains (STCG) tax rates apply.

Significance for Investors: This information is vital for investors in the unlisted market, as it impacts their tax planning and decision-making process. Understanding these nuances ensures that investors can strategically plan the sale of their shares post-listing to optimize tax implications.

Advice for Investors: It's advisable for investors to keep a record of their purchase dates and monitor the listing dates closely. Additionally, staying updated with the latest tax regulations or consulting with a financial advisor is recommended for accurate tax calculations and compliance.

How to check the credit of E Trav Tech Limited?

When you purchase E Trav Tech Limited through UnlistedZone, it's important to note that, as per SEBI regulations, these shares can only be transferred to a demat account.

There are two primary ways to check the credit of E Trav Tech Limited in your account:

1. Using NSDL or CDSL Applications:

Download the NSDL or CDSL application from the Google Play Store.

To determine whether your stock broker is registered with NSDL or CDSL, you can examine the format of your Demat Account number. The Demat Account number consists of 16 characters, combining the DP ID and Client ID.

DP ID is the unique identification number of the Broker, assigned by CDSL or NSDL.

Client ID is the unique identification number of the Client, representing their portfolio.

In CDSL, the Demat Account number is entirely numeric (e.g., 12345678 for DP ID and 91234567 for Client ID).

In NSDL, the first two characters are alphabetic, representing the country (e.g., 'IN' for India), followed by a 6-digit unique number for the Broker (DP ID) and an 8-digit Client ID (e.g., IN123456 for DP ID and 78912345 for Client ID).

2. Checking in Broker's Application:

The credit of E Trav Tech Limited can also be checked in your broker's application. However, it's important to note that it may take T+2 days for the shares to show up in the application after the transaction.

How much time is taken to credit E Trav Tech Limited in a demat account?

The E Trav Tech Limited are credited in the demat account on the same day as the transfer of funds into our company's bank account.

How to check the daily price of E Trav Tech Limited?

"The price of E Trav Tech Limited can be checked in two ways. First, you can join our Telegram channel, where we share the latest prices of all unlisted shares daily in the morning. Secondly, you can check price on our UnlistedZone platform to view historical graphs and prices of all shares in one place."

What is the risk of buying E Trav Tech Limited?

Investing in E Trav Tech Limited, like any investment, carries certain risks that should be carefully considered:

1. Liquidity Risk: Unlisted shares, by their nature, are not traded on public stock exchanges. This can result in lower liquidity compared to listed shares, meaning it might be more challenging to find buyers when you wish to sell your shares.

2. Price Volatility: The price of E Trav Tech Limited can be more volatile compared to listed shares. This is partly due to the lack of regular public trading and potentially limited information available about the company's financial health and performance.

3. Regulatory Risk: Unlisted shares are subject to different regulatory frameworks than listed shares. Any changes in regulations or compliance requirements can impact the value and tradeability of these shares.

4. Limited Information: There may be less publicly available information about unlisted companies. This can make it more difficult to assess the company's true value and potential for growth, increasing the risk of investment.

5. No Guarantee of Future Listing: Investing in E Trav Tech Limited with the expectation of future listing on a public exchange carries the risk that the listing may not occur. This can affect both the liquidity and potential value appreciation of the shares.

6. Company-Specific Risks: Each company has its own set of risks based on its industry, management, financial health, and market position. These risks can significantly impact the performance of your investment in E Trav Tech Limited.

How to trust UnlistedZone before buying E Trav Tech Limited from its platform?

UnlistedZone: Pioneering Excellence in India's Unlisted Share Market

UnlistedZone stands as India's fastest-growing and leading marketplace for buying and selling unlisted shares. Over the past 5 years, we have carved a niche in the financial market, website hit user inflows over a 2 million users on our platform since inception. This remarkable journey is underscored by the sheer volume of transactions facilitated through UnlistedZone, which has already surpassed the 300 Crore mark.

At the helm of our success are our esteemed co-founders, Mr. Umesh Paliwal and Dinesh Gupta. Their insights and expertise are regularly sought after by leading financial publications such as MoneyControl, Business Standard, and The Economic Times, particularly for their authoritative views on IPOs and the unlisted market. Our journey over these 5 years has not just been about numbers; it's been about building trust and reliability.

UnlistedZone has established a formidable reputation in the industry, earning the trust and confidence of our users. This trust is our cornerstone, ensuring that new investors can engage with us without the apprehensions of fraud that are often associated with unknown brokers in the market.

At UnlistedZone, we are committed to maintaining the highest standards of transparency and integrity, ensuring that your investment journey is not just profitable but also secure and trustworthy.

How is the valuation of E Trav Tech Limited calculated?

Valuation Methodology at UnlistedZone for E Trav Tech Limited

At UnlistedZone, we employ a meticulous and strategic approach to valuing E Trav Tech Limited, utilizing two primary methods: Benchmark Valuation Based on Latest Funding:

1. Our first step is to examine the most recent funding round for E Trav Tech Limited. This provides us with a benchmark valuation, offering a clear indication of the company's current market value as perceived by investors and industry experts. This method is particularly effective in capturing the latest market sentiment and financial health of the company.

2. Comparison with Listed Peers: In cases where there hasn't been recent funding for E Trav Tech Limited, we adopt a comparative approach. This involves identifying a business in the listed market that closely resembles E Trav Tech Limited in terms of industry, size, and business model. By comparing and contrasting the two, we can ascertain a fair valuation for E Trav Tech Limited, drawing on the market data and performance metrics of its listed counterpart.

Investor Advisory: As experts in the unlisted space, we at UnlistedZone emphasize the importance of thorough risk assessment to all our investors. It's crucial to evaluate all risk parameters carefully before investing in unlisted shares. This due diligence is key to making informed and strategic investment decisions in the dynamic and evolving unlisted market.

How does UnlistedZone source E Trav Tech Limited?

"At UnlistedZone, our approach to sourcing E Trav Tech Limited involves a strategic and direct method. Primarily, we acquire these shares from two key groups:

1. Employees of the Company: Often, employees of a company receive shares as part of their compensation or through employee stock option plans (ESOPs). Over time, some of these employees may decide to liquidate their holdings for various reasons, such as financial needs or portfolio diversification. We engage with these employees, providing them a platform to sell their shares.

2. Initial Investors: These are the early-stage investors or angel investors who provided capital to the company during its initial phases. As the company grows and evolves, these initial investors might look to sell part or all of their stake in the company. This could be for reasons like capitalizing on their investment, reallocating assets, or other strategic financial decisions.

By connecting with these groups, UnlistedZone ensures a reliable and consistent supply of E Trav Tech Limited for our clients. This method not only helps employees and initial investors in liquidating their assets but also provides our clients with access to shares that are not readily available in the public market. It's a win-win for both the sellers and buyers, facilitated efficiently through our platform."

Does SEBI regulate the Unlisted Market?

"The Securities and Exchange Board of India (SEBI) does have a regulatory influence on the unlisted market, though it's not as comprehensive as its oversight of the listed markets.

Key aspects of SEBI's involvement in the unlisted space include:

1. Applicable Rules and Regulations: Certain SEBI regulations are indeed applicable to transactions in the unlisted market. This includes the mandatory lock-in period of 6 months, the requirement to pay stamp duty, and depository participant (DP) charges for every transaction. These measures are in place to ensure a certain level of standardization and protection in the unlisted market, similar to those in the listed markets.

2. Lack of Specific Regulation for Unlisted Brokers: As of now, SEBI does not have specific regulations for becoming an unlisted broker. This means that while certain SEBI rules apply to transactions within the unlisted market, the process of becoming a broker in this space is not directly regulated by SEBI. This lack of direct regulation highlights the importance of due diligence by investors when engaging with brokers in the unlisted market.

3. Investor Protection and Transparency: The regulations that do apply, such as the lock-in period and transaction charges, are designed to protect investors and add a layer of transparency to these transactions. They aim to mitigate some of the risks inherent in trading unlisted securities, which typically don't have the same level of public scrutiny and regulatory oversight as listed securities. In summary, while SEBI's regulatory framework does extend to certain aspects of the unlisted market, it does not comprehensively regulate all aspects of it, particularly concerning the accreditation of unlisted brokers. This underscores the need for investors to exercise caution and conduct thorough research when participating in the unlisted market."

How to track daily news of E Trav Tech Limited?

"For comprehensive and up-to-date news and information about E Trav Tech Limited, we have several platforms to keep you informed. Our website is regularly updated with the latest insights and developments. For real-time updates and engaging discussions, you can join our Telegram channel. Additionally, follow us on Twitter for quick news bites and industry trends. And for more in-depth analysis and informative content, subscribe to our YouTube channel. These resources are designed to provide you with a well-rounded understanding of the unlisted market, ensuring you have access to all the information you need about E Trav Tech Limited."

On the go

Your watchlist, in the UnlistedZone app.

Indicative prices, company research and your enquiries — in your pocket. Get price notes on the names you follow and reach our team from anywhere.

272+
Shares tracked
Get it on Google PlayDownload on the App Store
Today’s indicative prices
MSMetropolitan Stock Exchange (MSEI) Unlisted Shares6.95
HPHindustan Power Exchange Limited (HPX India)24
OROnix Renewable Limited48
GEGFCL EV Products Limited42
Enquire to buy