Global provider of SaaS solutions in the hospitality and travel industry, RateGain Travel Technologies Limited, on Tuesday said the completion of a capital raise of Rs 600 crores through a Qualified Institutional Placement (QIP), with support from institutional investors, the PTI reported. According to the report, the fundraising committee of the Board of Directors approved the allotment of 9,331,259 shares at a price of Rs 643 (face value of Rs 1 and premium of Rs 642).
The funds will be used for strategic investments, acquisitions and inorganic growth and realise its vision to build an AI-powered integrated tech stack for the industry that will allow RateGain’s customers to acquire guests, retain and engage them as well as expand on wallet share.
Bhanu Chopra, founder and managing director, RateGain, said, “We thank the investors for placing their trust in us to solve the challenges faced by the travel industry. The technology landscape within travel is changing rapidly and the funds raised will help us consolidate RateGain’s position in the industry as well as provide our customers with world-class AI-led products to drive revenue maximisation.”
RateGain in the past few years had demonstrated a successful M&A playbook that is able to improve profitability and drive high growth in all the acquisitions it has done to date and would be using this playbook to further grow and consolidate its position in the travel and hospitality industry and create operating leverage.
RateGain Travel Technologies is a global provider of SaaS solutions for travel and hospitality that works with over 3,100 customers and 700 partners in more than 100countries helping them accelerate revenue generation through acquisition, retention, and wallet share expansion.
On Tuesday, shares of RateGain Travel Technologies were trading at Rs 718.60 apiece, up 0.10 per cent at 12.30 pm on the BSE.