SaaS solutions provider in the hospitality and travel industry RateGain Travel Technologies recently announced the completion of a capital raise of Rs 600 crore through a Qualified Institutional Placement (QIP), with support from institutional investors, a company statement notified.
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 Re 1 and premium of Rs 642), said the statement.
It further said that RateGain will use the funds 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 Travel Technologies, said in the statement, “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.”