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Stock Report
RateGain Travel Technologies Ltd - Business Update for period ended Dec 31, 2021
Posted On : 2022-01-05 07:59:00( TIMEZONE : IST )
RateGain Travel Technologies Limited has announced the Business update for the period ended December 31, 2021.
The overall demand for the company's products improved in 9MFY22 driven by a strong travel demand in our key market of United States even though most of Europe and Asia continued to be under restrictions following localized lockdowns.
- Company's revenues grew by around 40% on Y-o-Y basis during 9MFY22 and grew by around 55% on Y-o-Y basis in Q3FY22.
- Q3FY22 is the highest quarter in terms of new contract wins for RateGain, during which company witnessed a growth of 215% over Q3FY21. 9MFY22 saw a growth of around 131% over the corresponding previous year.
- Our Gross Retention Rate remained around 92% during this period.
- Our Net Retention Rate remained around 121% during this period
- Our Customer Counts increased from 1,462 on 31 Aug 2021 to around 2,264 by 31 Dec 2021.
- US remained our largest geography with around 65% revenue contribution.
- Our LTV to CAC improved to 11.34 from 8.9 last year, on the back of high volume of new bookings.
- Our Recurring Revenue remained at around 97%
- During December 2021, The Company did an IPO. The total issue size was Rs. 1,335.73 crores of which Rs. 375 crores was fresh issue. In line with the objects of the issue, The Company is in the process of repaying debts availed by RateGain UK from Silicon Valley Bank (Rs. 85.26 Crores). This will make the company debt free and will result in lower financing costs and a stronger balance sheet position for the company. Including the IPO proceeds, cash and equivalents as on 31st December stood at around Rs. 500 Crores.
- In September 2021, The Company completed its acquisition of the German company, MyHotelshop Gmbh, which provides a platform to help hotels improve direct guest acquisition. Myhotelshop will help hotels with reporting, bid management and campaign intelligence for metasearch publishers and other travel products that enables hotel suppliers to reach more customers without increasing costs and will enhance our Martech Product Suites.
- The company's new RG Labs initiative launched three new products during this time - Demand.AI, Rev.AI, and Content.AI. All of these products leverage artificial intelligence to help the travel and hospitality industry generate more revenue. The products are focused on addressing the new challenges the industry faces due to the COVID-19 pandemic such as lack of reliable historical data, lack of automation to create reliable forecasts, and lack of processes to manage online content seamlessly.
Demand.AI, Rev.AI and Content.AI - will help the industry track future demand, identify new opportunities to maximize revenue, and optimize their content to get more bookings respectively. - The Company's Customer Support Processes was given Level-III certification under the Hotel Tech Report Global Customer Support certification program. The industry-recognized program analyzes software vendors' customer processes along 34 critical dimensions in order to help hoteliers in selecting the right technology partners.
The company was certified as a 'Customer-Centric' product company with an average rating of 4.7 out of 5 on its most reviewed product, which is the highest rating as of October 30, 2021 in its category.
Shares of Rategain Travel Technologies Limited was last trading in BSE at Rs. 387.50 as compared to the previous close of Rs. 374.20. The total number of shares traded during the day was 57146 in over 2293 trades.
The stock hit an intraday high of Rs. 396.05 and intraday low of 372.20. The net turnover during the day was Rs. 21860791.00.
This is a one-time update to provide a direction on the key trends witnessed by RateGain Travel Technologies Limited ("RateGain") during the nine months ended 31st December 2021. The growth numbers and other details provided in this note are based on management estimates.
