Helloji Holidays

• Helloji Holidays is coming out with an initial public offering (IPO) of 9,28,800 shares in a price band of Rs 110-118 per equity share. 
• The issue will open on December 02, 2025 and will close on December 04, 2025.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 11.00 times of its face value on the lower side and 11.80 times on the higher side.
• Book running lead manager to the issue is Khambatta Securities.
• Compliance Officer for the issue is Shikha Daruka.

Profile of the company

Helloji Holidays offers customized holiday packages for leisure travellers and provide end-to-end travel solutions, including domestic and international flight bookings, hotel and resort reservations, cruises, luxury car rentals, sightseeing, and destination management services. Its offerings are designed for both individual travellers and groups, including corporate bookings. In addition to core travel services, it also provides value-added services such as travel insurance, passport and visa assistance. The company’s focus remains on delivering tailored travel solutions that fulfil customer aspirations and create memorable journeys.

The company’s business is closely linked to geographical and seasonal trends, as travel demand varies with environmental conditions and the suitability of destinations throughout the year. It addresses these dynamics by curating travel packages aligned to customer preferences, ensuring the right match between destination and season. With a professional approach and constant interaction, it aims to meet client expectations by delivering services within agreed timelines and cost guidelines, while consistently expanding its portfolio of destinations and packages.

Its pricing model follows two approaches: (i) procuring special partner rates directly from service providers, or (ii) sourcing services from third-party travel partners. In both cases, it clearly communicates consolidated costs to its customers, ensuring transparency and eliminating hidden charges. By providing complete clarity in pricing, it empowers customers to make informed decisions with confidence in the value they receive. To further strengthen customer experience, it provides support at every stage of travel - before, during, and after the journey. Services include issuance of e-tickets, flight alerts via SMS and online messaging platforms, as well as 24x7 post-sales emergency assistance. This high-touch support model reinforces its commitment to client satisfaction and continuity of service.

Proceed is being used for:

• Meeting the working capital requirements of the company
• Capital expenditure towards purchase of software
• General corporate purpose

Industry Overview

India’s travel and tourism industry is one of the most significant contributors to its economy, with the country consistently ranking among the top 10 globally in terms of the GDP contribution from this sector. The rich diversity of India’s tourism offerings, ranging from its cultural and historical heritage to wellness and adventure tourism, gives the country a unique advantage in the global tourism landscape. India’s tourism sector thrives on its vast diversity that caters to a wide range of tourist interests. From the ancient monuments of the Indus Valley Civilization and the grandeur of the Taj Mahal to the rich spiritual heritage offered by its temples, shrines, and religious festivals, India is home to an unparalleled wealth of cultural and heritage tourism. Beyond its historical and cultural significance, India also boasts a rapidly growing wellness tourism sector, with globally recognized Ayurveda, yoga, and spiritual retreats attracting travellers seeking healing and rejuvenation.

In CY2024, the travel and tourism sector contributed approximately 5% to India’s Gross Domestic Product (GDP), highlighting its critical role in the national economy. This figure reflects both direct contributions -- from services like hotels, travel agencies, transport, and leisure services -- and indirect contributions such as supply chain and investment impacts. According to estimates from the World Travel & Tourism Council (WTTC) and supported by data from the Ministry of Tourism, Government of India, this contribution is expected to grow significantly, reaching 7.6% by CY2034. The projected increase is driven by rising domestic consumption, improved connectivity, growing middle-class spending power, and focused government interventions aimed at making tourism a strategic sector for economic development.

India's tourism market is currently estimated to be worth $22.5 billion in CY2024, reflecting strong post-pandemic recovery. The market size includes spending on domestic and inbound travel, accommodation, food services, entertainment, and cultural activities. Growth has been propelled by increased domestic travel, a surge in interest for wellness and spiritual tourism, and improved digital travel infrastructure. In 2024, India experienced a significant resurgence in outbound travel, with Indian Nationals Departures (INDs) reaching 30.23 million, marking 8.44% increase over the previous year. This growth reflects a strong recovery from the pandemic-induced decline in CY2020, when departures had fallen sharply. The strong outbound travel momentum in 2024 reflects India’s economic resilience, rising disposable incomes, easing of travel restrictions, and improved international air connectivity. The Gulf countries -- especially the UAE and Saudi Arabia -- remain pivotal to India’s travel ecosystem, driven by employment ties, business linkages, religious tourism, and family visitation. With continued investments in aviation and visa reforms, outbound travel from India to GCC nations is expected to grow further in the coming years. 

Pros and strengths

Synergistic distribution model targeting business and leisure travelers: The company has developed a distinct go-to-market strategy that combines both B2B (Business-to-Business) and B2C (Business-to-Consumer) approaches. This integrated model creates strong network effects and effectively addresses the diverse needs of the Indian travel market. Its business operates on a Referral-Based Growth model sourcing customers from across India and internationally, with a focus on providing tailored travel services.

Services offering: The company offers complete travel solutions and act as a one-stop provider for all travel and related services. Its wide range of offerings is designed to meet the needs of both Indian and international travellers. From visa assistance and flight bookings to holiday packages, travel insurance - it provides everything under one roof. This combination of services makes travel easier for its customers and sets it apart in the market. The company’s focus on constantly improving its services and adapting to changing customer needs has helped it to grow and stand out from the competition.

Organizational stability supported by strong management expertise: The company has an established track record of 13+ years which indicates the company’s ability to weather economic and business cycles. The promoters have experience in diverse industries. This indicates its ability to maintain business viability and guide the business through operational hurdles. Its promoters are the guiding force behind the operational and financial decisions of the company. Its promoters are responsible for the entire business operations of the company along with an experienced team of executives who assist them.

Risks and concerns

Revenue concentration risk from limited clients: The company derived a significant portion of its revenue from limited customers. The company has garnered 41.88%, 43.21% and 25.29% of its total revenue from its top 10 customers in FY25, FY24 and FY23 respectively. The loss of one or more such customers, the deterioration of their financial condition or prospects, or a reduction in their demand for its products could adversely affect its business, results of operations, financial condition and cash flows.

Business vulnerability due to ticketing concentration: The company is dependent on its airline ticketing business, which generates a significant percentage of its revenues. The company has garnered 53.41%, 60.40% and 51.24% of its total revenue from airline ticketing business in FY25, FY24 and FY23 respectively. The company does not have any agreement with any airline company for ticketing business. The company expects that it will continue to be reliant on its ticketing business for the foreseeable future. The loss of any of its key customers for any reason (including delay in fulfilling existing orders; adverse changes in the financial condition of its customers, such as possible bankruptcy or liquidation or other financial hardship) could adversely affect its business, results of operations, cash flows and financial condition.

Absence of binding contracts may impact business continuity: The company’s business model is primarily based on providing packaged travel services for leisure and holidays to end customers on a per-package basis. It does not enter into long-term contracts or formal marketing tie-ups with its customers and travel agents. As such, repeat business is highly dependent on customer satisfaction and preferences. These arrangements are not exclusive and are conducted largely on the basis of good faith without definitive agreements. Consequently, such agents may terminate or modify their arrangements with it at short notice or without notice. There is also no assurance that they will continue to be associated with it in the future on terms favourable to it, or at all. Further, in the absence of binding arrangements, it cannot prevent such travel agents from simultaneously working with competitors or from prioritizing their interests elsewhere. Any such developments may adversely affect its business continuity, results of operations, cash flows and financial condition.

Outlook

Helloji Holidays offers customized holiday packages and complete travel solutions for leisure and corporate travellers. Its service offerings include domestic and international flights, hotels, resorts, cruises, luxury cars, sightseeing, and destination management. The company also offers travel insurance, passport, and visa assistance. The company is One-stop provider for all travel and related services. On the concern side, the company derived a significant portion of its revenue from limited customers. The loss of one or more such customers, the deterioration of their financial condition or prospects, or a reduction in their demand for its products could adversely affect its business, results of operations, financial condition and cash flows. Also, the company is dependent on its airline ticketing business, which generates a significant percentage of its revenues.

The company is coming out with a maiden IPO of 9,28,800 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 110-118 per equity share. The aggregate size of the offer is around Rs 10.22 crore to Rs 10.96 crore based on lower and upper price band respectively. On performance front, the company has reported 8.30% rise in revenue from operations at Rs 2,812.36 lakh in FY25 as compared to Rs 2,596.77 lakh in FY24. Moreover, the company’s net profit increased 16.15% to Rs 209.64 lakh in FY25 as compared to Rs 180.49 lakh in FY24. 

As the company’s business volumes grow, it expects to gain stronger bargaining power for bulk bookings across air travel and hotel accommodations. This increased leverage will allow the company to offer more competitive packages to its customers and clients, helping it to attract higher traffic over the long term. Additionally, the anticipated growth in both domestic and international operations will generate incremental operating leverage, further enabling it to enhance its offerings and maintain price competitiveness in the market.