Vernost Tech Ventures Pvt Ltd
Bootstrapped Mumbai B2B technology company running loyalty, travel-booking and payment-orchestration platforms for banks, airlines and retailers; FY25 revenue ₹409 Cr.
Market cap
₹3,577 Cr
0.44 Cr shares
P/E ratio
151.70
Sector average 35
Book value
₹135.44
P/B 59.62
1-year return
+0.00%
52w ₹8,075 – ₹8,500
Currently 0% of the way through its 52-week range.
Indicative price history
1Y change
+0.00% ₹8,075 → ₹8,075
52-week band in this window: ₹8,075.00 – ₹8,075.00. Weekly indicative marks, not exchange-traded prices.
Key highlights
- FY25 operating revenue ₹409.08 Cr; bootstrapped with no outside equity.
- Three platforms — ClubClass (loyalty), VeTravel (travel commerce), VePay (payments) — used by 50+ enterprise clients in 10+ countries.
- Altius quote ₹8,500 buy / ₹7,650 sell on 0.44 Cr shares implies ~₹3,750 Cr market value.
About Vernost
Vernost Tech Ventures Private Limited (formerly Vernost Marketing Services) is a Mumbai-based B2B technology company. Its three product lines are ClubClass (loyalty: accrual rule engine, rewards marketplace, points redemption), VeTravel (a booking and reservation engine with a global hotel, flight and activity supplier network) and VePay (white-label payment gateway and payment orchestration). Clients are banks, card issuers, airlines, OTAs and retailers.
Partners and supply-side integrations named by the company include Stripe, IndiGo, Agoda, Viator, Cleartrip and Hotelbeds. The company says it serves 50+ clients across 10+ countries and is ISO certified. It is bootstrapped, with no external equity funding on record; the directors are also the shareholders.
Operating revenue was ₹409.08 Cr in FY25 (per Tofler/Tracxn), with commentary of a sharp jump in EBITDA and net worth over FY24. Profit, balance-sheet and FY24 figures in the table below are estimates built around that revenue figure. Figures preliminary; verify from MCA filings.
A dealer quote of ₹8,500 (buy) / ₹7,650 (sell) is shown by Altius Investech. On paid-up capital of ₹4.43 Cr (0.443 Cr shares of ₹10) that implies a market value of roughly ₹3,750 Cr — about nine times FY25 revenue — so the price already discounts strong growth.
Where the revenue comes from
- Travel commerce (VeTravel)55%
Booking engine and supplier network; gross-value-of-bookings heavy — estimate
- Loyalty (ClubClass)30%
Programme management, rewards marketplace — estimate
- Payments (VePay)15%
White-label gateway and orchestration — estimate
Products & services
ClubClass
Loyalty platform: accrual rule engine, rewards marketplace, redemption and programme management for banks and airlines.
VeTravel
Booking and reservation engine with a global supplier network for flights, hotels and experiences, sold white-label.
VePay
White-label payment gateway and payment orchestration for enterprise clients.
What works
- • Three recurring-revenue platforms (loyalty, travel commerce, payments) sold to large enterprise clients on multi-year contracts.
- • Bootstrapped and, per registry commentary, profitable — no venture-capital overhang or preference-share stack ahead of common equity.
- • Revenue of ₹409 Cr in FY25 is large for a privately held Indian SaaS/commerce company, with international presence across 10+ countries.
What to watch
- • Financial detail is thin: only revenue is public; margins, debt and cash are estimated here and must be checked against the AOC-4 filing.
- • Travel-commerce revenue is gross-booking heavy and lower margin than software; a revenue-multiple valuation may overstate the business.
- • Very few shares (0.44 Cr) and a private-company share-transfer regime — the board can refuse transfers under the articles; liquidity is thin and the bid–ask spread is ~10%.
- • Client concentration in a handful of banks and airlines; loss of one loyalty programme can move revenue materially.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| VernostThis page | ₹8,075.00 | ₹3,577 Cr | 151.70 | 59.62 | +57.34% |
| Yubi | ₹560.00 | ₹12,085 Cr | — | 14.26 | +41.65% |
| OfBusiness | ₹415.00 | ₹41,500 Cr | 62.41 | 5.75 | +3.44% |
Latest reported year: FY25 ending 31 Mar 2025.