RateGain Founder Bhanu Chopra’s Family Members Offload 3% Stake

Individuals forming part of RateGain’s promoter and promoter group offloaded 3% stake in the traveltech SaaS startup on Thursday (March 28).

In an exchange filing, RateGain said Megha Chopra, its promoter, and Usha Chopra, part of the promoter group, together divested shares equivalent to 3% stake out of the total holding of 51.25%.

As per the startup’s shareholding pattern at the end of December 2023 quarter, the promoter and promoter group of RateGain owned 51.27% stake. Of this, founder Bhanu Chopra held 37.76% stake. His wife Megha held 12.09% shares, while his mother Usha owned 1.42% stake.

Shares of RateGain crashed 7.55% on Thursday to end the session at INR 715.90 on the BSE. The exchanges were closed on Friday (March 29) on the occasion of Good Friday.

RateGain informed the exchanges about the aforementioned share sale after market hours yesterday. 

In the filing, the startup said that the sale is not indicative of any shift in Bhanu Chopra’s commitment to RateGain and added that it does not see any reason for further divestment in the promoter shareholding in the foreseeable future. 

“I remain fully committed to our shared goals and to leading RateGain towards even greater success, as my belief in our company’s potential and delivering on our shared goals is stronger than ever,” chairman and managing director Bhanu Chopra said. 

It is pertinent to note that Bhanu Chopra sold 40.43 Lakh shares during RateGain’s IPO in December 2021, while Megha and Usha sold 12.94 Lakh and 1.52 Lakh shares, respectively.

Founded in 2004, RateGain is a global provider of SaaS solutions for travel and hospitality. It works with over 3,000 customers and over 700 partners in more than 100 countries. 

The startup’s profit after tax tripled to INR 40.42 Cr in the quarter ended December 2023 from INR 13.23 Cr in the year-ago quarter. Operating revenue zoomed 82.2% year-on-year to INR 252.02 Cr during the quarter.

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.