Traveltech SaaS startup RateGain launched a funding round to raise capital. The company aims to raise Rs 600 crore through the exercise, which includes an Rs 200 crore greenshoe option.
The specific utilisation of the proceeds is not yet clear. The fundraise is expected to lead to an 8 per cent equity dilution. Axis Capital and IIFL Capital will oversee the process, as per media reports.
The indicative issue price for the funding round is around Rs 643 per share, representing a discount of nearly 10 per cent from the startup’s last closing price. Established in 2004, RateGain offers SaaS solutions for the travel and hospitality industry.
The company claims to have more than 3,000 customers and 700 partners across 100 countries. In the second quarter of financial year 2023-24, the company’s net profit doubled compared to the same period last year, while operating revenue increased by 88.4 per cent year-on-year.
The company’s share prices have surged by more than 18 per cent in the past month. On 15 November, the stock reached its 52-week high of Rs 730.10 before closing at Rs 711.75 on the same day.
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