RateGain Travel Technologies Limited, a provider of SaaS solutions for the hospitality and travel industry, has announced its financial results for fourth quarter (fiscal year 2022) and annual results for the year ending on March 31.
Driven by the reopening of international travel in major markets and an increase in travel demand, RateGain registered growth across all its businesses due to increasing demand for technology-enabled solutions, according to the company.
On an annual basis, the company registered a 46% year-over-year growth in revenue at INR (Indian Rupee) 3665.9 million (about $47.1 million USD) in fiscal year 2022 compared to INR 2507.9 million in fiscal year 2021.
For the quarter ending in March, RateGain saw a 50.6% year-over-year growth in revenue at INR 1078.8 million and growth in adjusted EBITDA at INR 126.2 million, according to the company.
The growth was driven on the back of new contract wins increasing by 141% year-over-year to INR 1044 million as well as annual recurring revenue rising higher than pre-COVID levels at INR 4315 million.
“Our focus last year was to drive growth back to the pre-pandemic levels and at a run rate basis, we have exceeded the same,” said Bhanu Chopra, founder of RateGain Travel Technologies. “New product innovation, partnerships, and strengthening our technology layer all contributed significantly to this growth. Our goal for FY23 is to build on this momentum and execute to expand our market share. We continue to stay optimistic about our growth and committed to delivering on the promise we have made to our shareholders.”
The distribution business unit continued to grow with recurring revenues of 97.2%. In fiscal year 2022, 50-plus new pairings between existing supply partners and demand partners helped in driving growth, including connecting the top five hotel chains to regional OTAs such as Rakuten as well as new OTAs like Hopper.
RateGain’s new AI-powered products (revAI, Content AI, and Demand AI) launched 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 large operator of hotels in Germany and a large hotel chain in Spain respectively.
“The results for financial year 2022 are a matter of pride for the entire organization,” said Tanmaya Das, chief financial officer at RateGain. “Our efforts to recover and re-energize the organization are seen across almost all KPIs and are a testament to our culture, our business model, and the commitment of our leadership team. RateGain’s performance showcases how new-age tech companies can drive growth as well as profitability in a tough macro environment. We continue to stay optimistic about the future as the industry goes resilient to ongoing macroeconomic uncertainty.”