RateGain Travel Technologies Ltd’s shares were up by 0.90 per cent after the company concluded a Qualified Institutional Placement (QIP), raising Rs 600 crore with support from institutional investors. The capital infusion, approved by the fundraising committee, involves the allotment of 9,331,259 shares at a price of Rs 643 (face value of Rs 1 and premium of Rs 642).
RateGain plans to use the funds for investments, acquisitions, and inorganic growth, aiming to build an AI-powered integrated tech stack for the travel and hospitality industry. The company intends to leverage its M&A playbook to strengthen its position and drive growth in the evolving technology landscape within the travel sector.
Bhanu Chopra, Founder & Managing Director, said, “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 maximisation.”
The shares were up by 0.90 per cent at Rs 724.30 at 11 am on the BSE.