IT Stock which is the leading distribution technology company globally and the largest Software as a Service (SaaS) provider for the hospitality industry jumped 9 percent upon the announcement to lend its services to Hotelkey.
With a market capitalization of Rs. 9,570 Crores, the shares of RateGain Travel Technologies Limited were trading at Rs. 813, up 5.67 percent from its previous day’s close of Rs. 769.40.
RateGain Travel Technologies Limited has been selected by Hotelkey, a leading hospitality platform, to enhance its distribution capabilities. HotelKey will utilize RateGain for seamlessly connecting to GDS systems and other demand partners
RateGain’s connectivity solutions today connect to all the leading GDS systems of the world and power over 20 percent of all GDS transactions across all leading hotel chains. RateGain also helps enterprises with a more agile and tailored migration strategy that will enable HotelKey to perform a property-by-property migration, minimizing large-scale disruptions during the migration process.
Following the news, Fareed Ahmad, Co-founder and CEO at HotelKey said, “With RateGain’s GDS connectivity, HotelKey will offer hoteliers the convenience of using our chain codes and systems for direct distribution to GDS and other demand partners.
This collaboration saves time and costs for hoteliers and reinforces HotelKey as a leading hospitality company with its own GDS chain code and efficient distribution capabilities to demand partners worldwide.”
RateGain Travel Technologies Limited is the leading distribution technology company globally and the largest Software as a Service (SaaS) provider in the travel and hospitality industry in India.
It offers travel and hospitality services across different verticals like hotels, airlines, online travel agents, meta-search companies, package providers, car rentals, cruises, and ferries.
As of 9M FY2024, it generated 45.53 percent of its operating revenue from Martech, 32.25 percent from Distribution services, and 22.20 from DaaS. It generates 40.6 percent of its revenue from a subscription basis, 37.1 percent from a transaction basis, and 22.3 percent from a hybrid basis.
Its revenue from operations grew 54 percent YoY from Rs. 367 Crores in FY22 to Rs. 565 Crores in FY23, accompanied by increasing profits of Rs. 8 Crores to Rs. 68 Crores.
Written by: Bharath K.S
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