Hot Pursuit     09-Dec-22
RateGain Travel gains on incorporating step down subsidiary in UAE
RateGain Travel Technologies rose 1.25% to Rs 308.55 after the company said that its wholly-owned subsidiary, RateGain Technologies, UK has incorporated a subsidiary, RateGain Technologies LLC in Sharjah Media City, Sharjah, UAE.

RateGain Technologies LLC will carry on the business of data processing, hosting and related activities. This new entity formation would strengthen the company's organic growth strategy, the company said.

RateGain Technologies, UK subscribed to the share capital of AED 100,000, which is 100% of the share capital of the newly incorporated entity.

RateGain Travel Technologies Limited is a global provider of SaaS solutions for travel and hospitality that works with over 2400 customers in over 100+ countries helping them accelerate revenue generation through acquisition, retention, and wallet share expansion.

The company reported a consolidated net profit of Rs 19.57 crore in Q2 FY23 as against a net loss of Rs 3.69 crore in Q2 FY22. Revenue rose by 47% YoY to Rs 124.61 crore during the quarter.

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