RateGain Travel Technologies Limited, a provider of SaaS solutions for the hospitality and travel industry, has announced its financial results for the fourth quarter (fiscal year 2022) and its annual results for the year ending March 31.
Driven by the reopening of international travel in major markets and an increase in travel demand, RateGain saw growth across all of its businesses due to growing demand for technology solutions, according to the company.
On an annual basis, the company recorded a 46% year-on-year growth in revenue to INR (Indian Rupee) 3,665.9 million (approx. USD 47.1 million) during financial year 2022, compared to INR 2,507.9 million in financial year 2021.
For the quarter ending March, RateGain reported 50.6% year-on-year revenue growth to INR 1078.8 million and Adjusted EBITDA growth to INR 126.2 million, according to the society.
Growth was driven by new contracts won up 141% year-on-year to INR 1,044 million, as well as annual recurring revenue up from pre-COVID levels at INR 4,315 million.
“Last year our goal was to bring growth back to pre-pandemic levels and at a steady pace we have exceeded the same level,” said Bhanu Chopra, founder of RateGain Travel Technologies. “New product innovation, partnerships and strengthening our technology layer have all contributed significantly to this growth. Our goal for FY23 is to capitalize on this momentum and execute to expand our market share. We remain optimistic about our growth and determined to deliver on the promise we made to our shareholders. »
The distribution division continues to grow with recurring revenue of 97.2%. In fiscal 2022, more than 50 new pairings between existing supply partners and demand partners helped drive growth, including connecting the top five hotel chains to regional OTAs such as Rakuten as well as new OTAs like Hopper.
Launched RateGain’s new AI-powered products (revAI, Content AI and Demand AI) in their respective segments. revAI continues to onboard car rental operators to solve the problem of automation and revenue maximization, according to the company. Content AI and Demand AI were selected by a major hotel operator in Germany and a major hotel chain in Spain, respectively.
“The results for fiscal 2022 are a source of pride for the entire organization,” said Tanmaya Das, Chief Financial Officer of RateGain. “Our efforts to recover and re-energize the organization are reflected in almost every KPI and speak to our culture, our business model and the commitment of our leadership team. RateGain’s performance shows how technology companies new era can drive growth as well as profitability in a challenging macroeconomic environment. We remain optimistic about the future as the industry becomes resilient in the face of the current macroeconomic uncertainty.”