India-based travel solutions provider RateGain announced it had completed a capital raise equal to about $72 million through a qualified institutional placement by leading foreign institutional investors, insurance companies and other investors.
The company said it will use the funds for strategic investments and inorganic growth such as acquisitions as it seeks to build an artificial-intelligence-powered integrated tech stack that will allow its hospitality customers to acquire guests, retain and engage them as well as expand revenues.
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Founder and managing director Bhanu Chopra thanked investors for their trust in the company.
“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,” Chopra said.
In January, RateGain acquired travel intelligence and intent company Adara for $16.1 million.
Founded in 2004, RateGain went public in 2021 on the National Stock Exchange of India and the Bombay Stock Exchange (BSE).
Prior to its IPO it acquired a number of companies including hotel distribution service DHISCO in 2018, guest engagement platform BCV in 2019 and MyHotelShop in 2021.
The company said it provides its revenue management solutions to more than 700 partners - including hotels, airlines, online travel agencies, travel management companies and package tour providers - in more than 100 countries.