What’s a tech stack these days if it isn’t AI-powered? RateGain plans to use the raise to build its own through investments and acquisitions.
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.