RateGain has been bootstrapped by Bhanu Chopra who started the firm when he returned from the US in 2004.
India's leading hospitality and travel technology provider RateGain announced that it has raised an undisclosed amount in its first round of funding from US-based private equity firm TA Associates. The funds will be used for ramp up its presence across the globe and also fuel its inorganic growth.
RateGain has been bootstrapped by Bhanu Chopra who started the firm when he returned from the US in 2004. Very soon RateGain topped the Deloitte list of fastest 50 technology companies from India in 2007 as well as ranking 16 on the fastest 500 Asia-Pacific. Today, RateGain has client-facing offices in the US, Spain and the UK.
"This deal is a huge validation for us and the idea that I conceived about a decade ago. We are poised for interesting times ahead and the funding comes at a time when we are looking for the next stage of growth. This will be in the form of operating in new geographies and also acquiring companies that can complement our business. TA Associates brings a wealth of experience in dealing with technology companies and will be a valuable partner in helping us reach our goals," said Bhanu Chopra, Founder and CEO, RateGain.
With the deal RateGain becomes one of the most valuable software companies in the country and a step close to a listing on the bourses next year.
Founded in 1968, TA Associates is one of the oldest and largest growth private equity firms in the world. It has invested in over 440 companies and has raised $18 billion since inception. RateGain will stand to benefit from the firm's decades of experience in providing strategic guidance, global insight, M&A support, and also from its significant network of contacts.
RateGain has a customer base of over 5,000 clients spread across 120 countries.