RateGain Founder Bhanu Chopra’s Family Members Offload 3% Stake
- ByStartupStory | April 1, 2024
In a recent development, key members of RateGain’s founding family have divested a 3% stake in the traveltech SaaS startup. According to an exchange filing, Megha Chopra, a promoter of RateGain, and Usha Chopra, part of the promoter group, collectively sold shares equivalent to 3% of the total holding, which stood at 51.25%.
As of the end of the December 2023 quarter, RateGain’s promoter and promoter group collectively held a 51.27% stake in the company. Founder Bhanu Chopra accounted for 37.76% of this stake, with his wife Megha holding 12.09%, and his mother Usha owning 1.42%.
Following this announcement, RateGain’s shares experienced a 7.55% decline, closing at INR 715.90 on the BSE. It’s worth noting that the exchanges were closed on Friday, March 29, due to Good Friday.
RateGain clarified that this share sale does not reflect any change in Bhanu Chopra’s dedication to the company and assured that there are no plans for further divestment in the promoter shareholding in the near future. Bhanu Chopra reiterated his commitment, expressing confidence in the company’s potential for future success.
It’s notable that during RateGain’s IPO in December 2021, Bhanu Chopra, Megha Chopra, and Usha Chopra sold 40.43 Lakh, 12.94 Lakh, and 1.52 Lakh shares, respectively.
Established in 2004, RateGain is a globally renowned provider of SaaS solutions catering to the travel and hospitality sectors. With a clientele spanning over 3,000 customers and 700 partners across more than 100 countries, the startup has witnessed significant growth. In the quarter ended December 2023, RateGain’s profit after tax surged to INR 40.42 Cr from INR 13.23 Cr in the corresponding quarter of the previous year, with operating revenue experiencing an impressive 82.2% year-on-year increase to INR 252.02 Cr.
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