RateGain, a software solution provider has raised Rs 200-300 crore in its first round of funding from US-based private equity firm TA Associates.
The funds will be used to expand operations overseas, develop products, and acquire firms that have built solutions for the travel and hospitality industries.
Founded in 2004 by Bhanu Chopra, RateGain specializes in providing Software as a Service (SaaS) solutions to the hospitality and travel industry. It provides service in 120 countries and is aiming for a share sale on NASDAQ that could value it at about Rs 6,000 crore.
“This funding is a big stamp of approval and recognition for the good work we have done. We strongly believe the return on our effort will exponentially rise as a result of this investment,” said Chopra.
“We will work with them to explore new business opportunities among current and prospective clients, and further geographic expansion, particularly in North America and Asia Pacific,” said Naveen Wadhera, co-head of Asia at TA Associates Asia Pacific.
RateGain provides service to 5,500 clients including about 3,000 hotels across the world. It helps businesses including airlines, cruise lines, car rental providers, and hotels streamline operations and sales by offering revenue management and real-time pricing data and analytics.