ET Awards 2025: Rategain Travel Tech, emerging company of the year
Founded in 2004 and headquartered in Noida, RateGain provides software as a service (SaaS) solutions to global travel and hospitality companies, helping them grow their business through customer acquisition, retention and expansion of wallet share. It serves 33 of the top 40 hotel chains, four of the top five airlines, seven of the top 10 car rental companies, and leading online travel agencies (OTAs) and metasearch platforms, including 25 Global Fortune 500 companies.
Using artificial intelligence (AI), the company collects real-time information from more than 1,100 sources that are used by customers to make market analysis and pricing decisions. The company covers functional areas including revenue management, competitive intelligence, social media marketing, digital campaign execution and brand engagement. Maintained revenue retention above 90% in each of the five years through FY25, reflecting strong customer relationships and cross-selling ability.
RateGain became debt-free after repaying Rs 85.3 billion in FY22 following its initial public offering (IPO) in December 2021. Net cash balance increased threefold from Rs 391.7 billion in FY22 to Rs 1,267.4 billion in FY25. It reported the highest ever revenue of 1,076.7 billion rupees in the fiscal year and grew at a three-year compound annual growth rate (CAGR) of 43.2%. Net profit rose 192% year-on-year to Rs 208.9 billion between FY22 and FY25, driven by strong revenue growth and debt repayment, which significantly reduced finance costs. RateGain also focused on increasing the profitability of operations with increasing turnover and a growing customer base. Operating margin before depreciation and amortization (EBITDA margin) gradually increased to 21.6% in FY25 from a low of 2.5% in FY21.
The ET Corporate Excellence Awards jury observed that RateGain has grown significantly by gaining the trust of the global travel industry. It stood out for its impressive scale-up, especially after the pandemic, and for building a profitable business by sharply focusing on a niche operating segment.
“I am truly honored to receive this honor from such a distinguished jury and to accept it on behalf of our incredible employees and customers who trust RateGain every day,” said Bhanu Chopra, founder and chief executive of RateGain. “Their partnership and belief in our vision has enabled us to build one of the most comprehensive, AI-led platforms in global travel, focused on unlocking revenue opportunities for our customers with greater speed, precision and intelligence than ever before.”
Chopra added that this recognition reinforces the company’s belief that it is at the very beginning of what is possible.
“The depth of adoption gives us the responsibility and privilege to help define how the industry will evolve as AI reshapes pricing, distribution, purchasing, engagement and retention,” Chopra said.
