RateGain Travel Technologies, a prominent player in the travel and hospitality software-as-a-Service (SaaS) sector, has kickstarted a qualified institutions placement (QIP) to secure INR 600 crore in funding. The company aims to generate INR 400 crore through a base issue and an additional INR 200 crore through a greenshoe option, as reported by CNBC TV-18.
During a meeting on November 15, the fund raise committee approved RateGain Travel Technologies’ QIP. The floor price for the QIP was set at INR 676.66 per equity share, as revealed in a BSE filing. The company has the flexibility to offer a discount of up to 5% on the floor price for the issue. The final issue price will be determined through consultations between the company and the appointed book running lead managers.
Having previously raised around INR 1,336 crore through its initial public offering (IPO) in 2021, with an IPO price band of INR 405 to INR 425 per share, RateGain continues its strategic financial moves. Founded in 2004 by Bhanu Chopra, RateGain offers a comprehensive SaaS platform for hotels, specializing in revenue management, reputation management, and online distribution. Beyond hotels, the company collaborates with airlines, online travel agents, meta-search firms, vacation rental providers, package providers, and car rental companies.
That’s fantastic news! RateGain Travel Technologies is also making waves in the travel and hospitality industry. They have recently secured an impressive INR 600 crore in funding through their qualified institutions placement (QIP). It’s great to see them becoming a major player in the tech world. Sending my best wishes to the RateGain team!
~ Dr Shishir Gupta founder & CEO of StartupLanes
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