RateGain Travel Technologies Limited (NSE: RATEGAIN), a global provider of SaaS solutions in the hospitality and travel industry, today announced the completion of a capital raise of Rs. 600 crores through a Qualified Institutional Placement (QIP) with support from Institutional Investors.
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).
RateGain will use the funds for strategic investments, acquisitions and inorganic growth and realize 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.
Over the last few years, RateGain has 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 will be using this playbook to further grow and consolidate its position in the travel and hospitality industry and create operating leverage.
Commenting on the occasion, Bhanu Chopra, Founder & Managing Director, 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 worldclass AI-led products to drive revenue maximization."
Shares of Rategain Travel Technologies Limited was last trading in BSE at Rs. 717.85 as compared to the previous close of Rs. 722.05. The total number of shares traded during the day was 22865 in over 1193 trades.
The stock hit an intraday high of Rs. 727.75 and intraday low of 711.00. The net turnover during the day was Rs. 16433961.00.