RateGain Raises $72 Million for Investments and Acquisitions
Skift Take
Key Points
- RateGain raised $72 million to build an AI-powered integrated tech stack.
- The capital came from institutional investors, insurance companies, and others.
- The funds will help RateGain enhance its position and AI-led products for its global clients.
Summary
RateGain, an Indian travel tech firm, raised $72 million from institutional investors, insurance companies, and other investors to build an AI-powered integrated tech stack for its travel and hospitality clients. The company, which went public in December 2021, provides SaaS solutions to a wide range of clients worldwide. The funds will help RateGain consolidate its position in the industry and enhance its AI-led products to drive revenue maximization.
Indian travel tech firm RateGain, which is publicly traded, raised $72 million for investments and acquisitions to "build an AI-powered integrated tech stack" to power its travel and hospitality clients, the company said.
The capital raise of 600 crores (around $72 million) came from institutional investors, insurance companies and other investors, the company told employees.
The board approved an allotment of some 9.3 million shares at Rs. 643 ($7.71) per share.
“We thank the investors for placing their trust in us to solve the challenges faced by the travel industry," founder and Managing Director Bhanu Chopra said in a statement. "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 maximization.”
The company, which went public in India in December 2021, provides SaaS solutions to a wide variety of hotels, airlines, online travel, travel management, and package tour providers in more than 100 countries.
RateGain says its technology enables clients to acquire and engage customers, and to get them to spend more money on client products and services.
Photo Credit: External view of a hotel with a Grand Bohemian art gallery that belongs to the Kessler Collection, a hotel company that uses Rategain's service. Source: Kessler Collection Kessler Collection
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