ICICI Prudential MF Raises Stake In RateGain

ICICI Prudential Mutual Fund has purchased an additional 1.62 Lakh shares of enterprise tech unicorn Rategain through a secondary market transaction, increasing its shareholding in the company to over 5%.

The fund house acquired 1,62,281 shares of RateGain through its various schemes on February 19, raising its stake to 5.06% from 4.92% earlier, said IPO-bound ICICI Prudential Asset Management Company in an exchange filing.

“The holding by schemes of the Fund are from an investment perspective and not with the objective of seeking any controlling interest,” the filing read.

The deal value and details of the sellers of RateGain’s shares could not be ascertained.

Founded in 2004 by Bhanu Chopra, RateGain is a global provider of SaaS solutions for the travel and hospitality sectors, enabling enterprises to accelerate revenue growth through acquisition, retention, and wallet share expansion. The startup claims to cater to more than 3,200 customers and has a presence in over 100 countries.

The travel tech SaaS company posted a 40% jump in its consolidated net profit to INR 56.54 Cr in the third quarter of the fiscal year 2024-25 (Q3 FY25) from INR 40.42 Cr in the year-ago.

On a quarter-on-quarter basis, net profit rose over 8% from INR 52.20 Cr.

RateGain’sEBITDA zoomed 20% to INR 61.47 Cr in Q3 FY25 from INR 51.26 Cr in Q3 FY24. EBITDA margin rose to a record 22.1% during the quarter under review from 20.3% in the year-ago period. 

Its revenue from operations jumped nearly 11% to INR 278.70 Cr in the December quarter of FY25 from INR 252 Cr in the same quarter last year. On a sequential basis, the company’s operating revenue remained flat.

At 2:50 PM, shares of RateGain were trading 0.89% higher at INR 532.50 apiece on the BSE.