Rategain Travel Technologies Ltd Management Discussions

Growing Significance of Travel

Travel continues to consolidate its role as a cultural and economic cornerstone. According to the Mastercard Economics Institute, international travel in 2025 is expected to grow between 3-5%, with total tourism spending in several markets exceeding 2019 levels. This growth is not merely quantitative but qualitative: travelers now favor depth over breadth, seeking richer, longer, and more immersive journeys.

The democratization of travel, enabled by mobile-first access, digital booking platforms, and expansive airline connectivity, has created a new era of global exploration. Emerging markets are fueling this growth through a burgeoning middle class, while affluent travelers in developed economies are redefining luxury with experiences rooted in wellness, culture, and authenticity. Social media continues to elevate the aspiration quotient, fostering a shared global narrative of discovery and adventure.

Industry Overview

The global travel and hospitality industry stands at defined thethresholdofatransformativeera one by resilience, digital acceleration, and evolving traveler expectations. As the world embraces a post-pandemic normal, the renewed zeal to explore, connect, and experience has catalyzed travel demand across regions and segments.

CY 2024 marks not just a return to pre-pandemic levels but a decisive leap forward, with the global travel industry undergoing structural realignment in response to shifting consumer behavior, emergent technologies, and macroeconomic stability. This shift is not merely cyclical it signals a structural evolution in how people plan, book, and experience travel.

As costs of acquiring travelers continues to rise, most brands are trying to engage travelers directly, and are investing in increase their marketing and technology efforts to give us a more intuitive, connected and easy to use experience. With all companies trying to leverage AI, only a few are able to build use cases that are instantly unlocking value.

Travel spending is projected to rise in CY 2025, with many consumers planning to dedicate a larger portion of their budgets to both long-haul adventures and short, spontaneous getaways. Accommodation preferences remain diverse. While mid-range hotels continue to lead in popularity, there is rising demand for luxury stays and alternative lodging options like vacation rentals, driven by the desire for personalized, unique experiences.

State of the Global Economy

The global economy demonstrated resilience and stability in CY 2024 after a prolonged period of unprecedented shocks. The International Monetary Fund (IMF) projects a steady global GDP growth of 2.80% in CY 2025, before recovering to 3% in CY 2026. However, rising trade tensions, policy shifts, and heightened uncertainty pose challenges to global economic recovery.

Advanced Economies (AEs) are expected to see a decline in growth, from 1.80% in CY 2024 to 1.40% in CY 2025 and 1.50% in CY 2026. Growth in Emerging Markets and Developing Economies (EMDEs) is expected to remain moderate at 3.70% in CY 2025 and 3.90% in CY 2026. While geopolitical tensions and inflationary aftershocks remain variables, consumer confidence in the travel segment remain robust, particularly in

North America, Asia, and the Middle East.

(Source: IMF World Economic Outlook April 2025)

Global Travel Industry and Outlook

CY 2024 marked a significant inflexion point for global travel industry, as the focus shifted decisively from recovery to future-ready growth. A key moment of anticipation was Chinas return to international travel. However, the rebound of Chinese outbound tourism has been slower than expected, suggesting a potential long-term shift in travel preferences and behaviors within the country.

Despite this, the global travel industry has shown remarkable resilience and adaptability. Countries have diversified their source markets and eased visa restrictions to attract new traveler segments. India, in particular, has emerged as a powerhouse in outbound travel, significantly contributing to global tourism growth. Additionally, intra-regional travel within Asia has played a vital role in revitalizing the regions tourism ecosystem. North America and Europe have stabilized into more moderate and sustainable growth trajectories following the post-pandemic surge. Meanwhile, the Middle East continues to be a strong driver of international travel.

Looking ahead, CY 2025 brings both promise and uncertainty. Geopolitical shifts and global volatility may present challenges to international travel. Yet, with strong momentum and ongoing innovation, the travel industry is well-positioned to sustain growth and expand its footprint across sectors and regions.

(Source: Skift Research)

Travel and Tourism by Region

North Americas travel sector has entered a phase and discretionary spending of stable and sustained growth. While the full impact remains uncertain, potential shifts in foreign policy, visa regulations, or trade relations may pose challenges to global mobility. Nonetheless, the long-term outlook remains optimistic, backed by a resilient economy, strong consumer demand, and thecontinued investments in travel infrastructure and experiences, bolstered by digital innovation and flexible products.

South Americas travel industry has demonstrated resilience, particularly during the pandemic, when most countries in the region avoided complete border closures. While travel activity softened slightly in CY 2024 compared to CY 2023, the region continues to outperform its pre-pandemic levels from 2019, underscoring its long-term trajectory.

The region has surpassed expectations due to improved air connectivity, booming regional tourism, and heightened interest in cultural and nature-based travel. Among major markets, Brazil led the region with robust growth in CY 2024, outpacing both Mexico and Argentina. Although Mexico and Argentina experienced some setbacks, all three markets surpassed their CY 2023 performance levels, signaling sustained momentum and a positive outlook for the regions tourism sector.

The Middle East and Africa have emerged as standout regions in global travel, with international travel volumes in CY 2024 estimated to have exceeded CY 2023 levels. Saudi Arabias Vision 2030 is showing encouraging signs of progress, largely fueled by a surge in religious tourism. Broader cultural shifts are also reshaping the regions travel dynamics. The UAE is witnessing rapid growth in its music, entertainment, and newly emerging gambling economy, sectors that are rapidly becoming cornerstones of its evolving tourism strategy.

Europes travel industry faced several headwinds in CY 2024, including the ongoing conflcit, increasing climate-related disruptions, and rising anti-tourism sentiment in popular destinations. Despite these challenges, the region remains the worlds most sought-after destination for leisure travelers. Looking ahead, Europe is well-positioned for continued travel growth in CY 2025, supported by a robust calendar of major events, including the UEFA Womens Euro 2025, the Tour de France, and high-profile music tours such as Adeles European concert series. These cultural and sporting events are expected to further boost regional tourism and sustain Europes global appeal.

The Asia-Pacific region experienced a powerful resurgence in CY 2024, driven by a surge in pent-up international travel demand and a robust domestic travel base. India continues to stand out as one of the most promising outbound travel source markets globally, fueling tourism growth across several countries. With Chinese outbound travel returning ishing, Asia-Pacific flour andIndiasdomesticmarket is poised to become the worlds fastest-growing travel region in CY 2025. To sustain momentum, many nations are easing visa regulations and entry policies to attract foreign visitors. These relaxed requirements have proven pivotal in boosting international arrivals and the regions tourism economy.

(Source: Skift Research)

The Changing Landscape of Online Travel

CY 2024 marked the beginning of a new era in the travel industry, as new players and disruptive business models reshaped the pre-COVID-19 status quo. Following a breakout year for online travel in CY 2023, CY 2024 set the stage for deeper transformation.

The definingtheme for CY 2025 is fragmentation in consumer behavior, travel preferences, and booking ecosystems.

Search behavior is changing

Travelers are no longer confined to traditional booking flows with fixed dates and destinations. New tools, including AI-powered search and social media integrations, are enabling more spontaneous, interest-driven planning.

Travel demand is diversifying

The rise of experiential and purpose-driven travel is shifting consumer focus from commoditized packages towards personalized, immersive, and meaningful experiences.

Booking channels are evolving

The online booking landscape is increasingly crowded with consumer-savvy entrants offering fresh platforms, seamless user experiences, and more value for money. This has led to a democratization of travel access, as B2B initiatives empower non-traditional players to enter the space and serve niche segments.

In this competitive environment, customer service and perceived value are becoming critical differentiators. Companies are embracing new technologies, dynamic marketing strategies, and AI-driven personalization to stand out and build loyalty.

Looking ahead, the next decade promises to be transformative for online travel platforms. The convergence of personalization, social media, and seamless UX will drive how consumers search, plan, and book their trips. According to industry estimates, global gross bookings through online travel agencies (OTAs) are estimated at USD 653 billion in CY 2024, and are expected to grow at 10% annually to USD 720 billion in CY 2025 and USD 800 billion by CY 2026.

Global Online Travel Agency Gross Bookings (USD billion)

The global hotel sector is poised for stabilization in CY 2025, with growth in Revenue Per Available Room (RevPAR) expected to moderate after a strong post-pandemic rebound. As leisure travel begins to taper, recovery in corporate, group, and international segments is set to drive demand. Meanwhile, limited supply growth continues to support elevated room rates despite rising operational costs. Luxury properties saw the highest absolute RevPAR and Average Daily Rate (ADR) gains, with ADRs significantly above 2019 levels. Despite this, occupancy in the luxury segment remains below pre-COVID benchmarks, representing a key opportunity for growth. Global hotel revenues are projected to surpass USD 1 trillion by CY 2025.

The airline industry is set to cross a significant milestone in CY 2025, with total revenues projected to exceed USD 1 trillion for the first time. Passenger revenues will make up the lions share, estimated at USD 705 billion, supported by sustained demand and easing input costs. Improved profitability is also being driven by higher load factors, as airlines continue to optimize capacity amid persistent supply chain disruptions.

Social Media: The New Travel Booking Funnel

Social media platforms are now central to the travel consideration and conversion process. Over 65% of millennials and Gen Z travelers rely on TikTok, Instagram, and YouTube to discover destinations, reviews, and travel hacks. The influence of user-generated content, real-time reviews, and peer endorsements outweighs traditional advertising. Social commerce is bridging the gap between inspiration and booking. Destination marketers and brands are increasingly leveraging shoppable videos, influencer content, and immersive storytelling formats to drive engagement and trip planning. In CY 2025, this model is expected to account for over 20% of all leisure travel decision-making in digitally mature markets.

Distribution Channels: Direct and OTA-led Growth

Travel distribution continues to evolve with a multi-channel approach. Direct bookings are growing due to improved website experience, loyalty benefits, and personalized offers. However, Online Travel Agencies (OTAs) remain vital, especially for discovery, bundling, and last-minute travel segments. OTAs are also investing in AI and content enhancements to compete for higher-value travelers.

Global booking patterns show a convergence: while direct bookings account for a larger share of mature hotel chains, OTAs dominate in fragmented and price-sensitive markets. In CY 2025, a hybrid model blending methods of metasearch, OTAs, and branded platforms is shaping a resilient and diversified distribution landscape.

Technology Adoption in Hospitality

Digital transformation in the travel and hospitality sector has reached an inflexion point. Contactless check-ins, biometric IDs, AI-powered concierges, and predictive room pricing are becoming mainstream across hotel tiers. Cloud platforms and IoT-based room automation are enhancing operational efficiency and guest satisfaction.

A significant shift is occurring in is consumed not as discrete tools, but as end-to-end ecosystems. Hotels are increasingly opting for modular, API-driven solutions that unify reservations, pricing, CRM, and marketing into a single interface. This reduces friction, enhances agility, and improves return on tech investment.

B_B Distribution: Data-Led Optimization

In the B2B space, data-driven insights are the foundation of distribution strategy. Access to real-time availability, forward-looking demand forecasts, and geo-targeted price parity metrics is enabling smarter partner decisions and campaign investments.

Wholesalers, global distribution systems (GDS), and B2B marketplaces are prioritizing dynamic packaging, tailored offers, and integration with hotel revenue systems. In CY 2025, the role of predictive analytics in determining B2B channel ROI is set to grow, as the cost of customer acquisition and lead conversions becomes more measurable and performance-based.

Evolving Consumer Trends

Consumer travel preferences in CY 2025 will be informed by flexibility, wellness, and identity-driven experiences:

Blended Travel

The ‘work-from-anywhere culture has accelerated demand for extended stays and flexible itineraries. Blended trips now account for nearly one-third of all international travel.

Sustainability and Purpose

A large segment of travelers now prioritizes carbon-neutral options, local community immersion, and low-impact itineraries. Tourism boards and brands are responding with purpose-led campaigns and certifications

The New Luxury

Luxury is shifting from opulence to meaning. Bespoke, high-touch, low-footprint experiences such as regenerative retreats and artisanal stays are redefining premium

Multigenerational and Affinity Travel

Families, groups, and special-interest cohorts (e.g., culinary, wellness, history) are increasingly organizing travel around shared passions.

Impact of AI & Generative Technology on Travel

Artificial foundational. Across the travel sector, generative AI (GenAI) is unlocking real-world value by transforming how travel companies operate, connect with customers, and grow. According to Skift Research, generative AI could drive over USD 28 billion in value for the industry, combining baseline use cases like customer service chatbots and developer productivity with long-term innovations in search, pricing, and marketing.

Key areas of transformation include:

Conversational AI: Scalable Customer Support

Generative AI is reshaping customer service with chatbots that handle bookings, refunds, and multilingual queries at scale. Companies like Expedia and Trip.com utilize AI agents to deliver instant, consistent support, thereby reducing guest service costs and freeing up human agents for more complex issues. Though adoption is still early, success stories are accelerating AI integration.

AI-Driven Trip Planning

AI is redefining how travelers search and book. Intelligent trip planners help users compare options, isnolonger experimental;itis create itineraries, and move from inspiration to booking seamlessly. Googles AI Overviews and OTAs AI tools personalize recommendations, making the booking journey faster and frictionless, especially for Gen Z and millennials.

Reputation Management Automation

Guest reviews are crucial for travel companies. AI is streamlining how brands manage guest reviews by summarizing feedback, monitoring sentiment, and drafting responses at scale. This not only protects brand reputation but also provides actionable insights to improve guest experience, as seen in Expedias AI-driven guest experience scores.

Operational Efficiency & Developer Productivity

AI co-pilots like Copilot are enhancing backend efficiency, enabling developers to code faster and more accurately. This leads to quicker product rollouts and significant cost savings, companies to innovate with leaner teams.

Dynamic Pricing & Marketing Optimization

AI-driven dynamic pricing adjusts rates in real-time based on demand, competition, and customer behavior. In marketing, AI generates localized content, runs campaign tests, and optimizes visibility for AI-powered search platforms, ensuring travel brands remain relevant in a rapidly evolving digital landscape.

Generative AI has moved beyond experimentation to become a core infrastructure layer in travel, enhancing customer experience, streamlining operations, and driving commercial agility. From chatbots and trip planners to developer co-pilots and dynamic pricing, AI is reshaping how the industry serves todays digital-first, high-expectation travelers.

This presents unprecendented opportunity for RateGain to lead with innovation, empower the travel ecosystem with AI-led solutions, and continue simplifying guest acquisition across a globally .connected,digitally

Company Overview

RateGain Travel Technologies Limited (referred to as ‘RateGain or ‘the Company) is a global provider of AI-powered SaaS solutions for travel and hospitality that works with 3,200+ customers, helping them accelerate revenue generation through acquisition, retention, and wallet share expansion.

RateGain today is one of the worlds largest processors of electronic transactions, price points, and travel intent data, helping revenue management, distribution, and marketing teams across hotels, airlines, meta-search companies, package providers, car rentals, travel management companies, cruises, and ferries drive better outcomes for their business. Founded in 2004 and headquartered in Noida, Uttar Pradesh, India, RateGain works with 26 of the Top 30 Hotel Chains, 25 of the Top 30 Online Travel Agents, 3 of the Top 4 Airlines, and all the top car rentals, including 15 of Global Fortune 500 companies.

RateGain is renowned for its comprehensive travel-intent and pricing platform that processes over 200 billion+ ARI (Availability, Rates, and Inventory) updates and manages nearly 148 billion+ price point searches. The Company collaborates with over 700 partners in 100+ countries, providing a unified to understand market demands, target audiences, and enhance conversion rates. Leveraging artificial intelligence, the Company aggregates real-time information from over 1,100+ sources, offering revenue managers accurate, high-quality data through a user-friendly interface that simplifies market analysis and pricing strategy decisions.

Product Offerings

RateGain has built a comprehensive portfolio of products designed to serve the diverse needs of the travel and hospitality technology ecosystem, catering to both enterprise and mid-market clients. Its solutions span across key functional areas such as revenue management decision support, competitive intelligence, distribution, social media marketing, online reputation management, digital campaign execution for direct customer acquisition, and brand engagement.

Through continuous innovation and strategic expansion, RateGain has empowered global travel businesses to streamline operations, enhance customer engagement, and drive revenue growth.

Data as a Service (DaaS)

RateGains DaaS offerings empower travel and hospitality companies ranging from hotels, OTAs, and airlines to cruise liners, car rentals, and vacation rentals to stay competitive and drive revenue optimization. Leveraging proprietary AI, cloud-based bookings, infrastructure, and robust API integrations, RateGain collects and processes real-time, forward-looking pricing data from over 700+ sources globally. The platform provides accurate, high-quality data through a user-friendly interface, enabling revenue managers to analyze market positioning and adjust pricing strategies.

In addition to rate and price parity intelligence, RateGain offers an automated, AI-powered pricing recommendation engine and a demand forecasting solution that predicts future demand at the city level using real-time indicators and market signals.

With the strategic acquisition of Adara, RateGain has further strengthened its DaaS capabilities by integrating rich travel-intent data and deeper rate intelligence. This move supports the Companys vision for an Integrated RevMax platform, enabling seamless guest acquisition, engagement, retention, and wallet share expansion. It also allows teams to target the right audience segments with the most relevant offers through effective channels, boosting both conversion and loyalty.

Distribution

RateGain simplifies a major challenge for hotel commercial teams, optimizing performance across every distribution channel from a unified system. Traditionally time-consuming and resource-intensive, this process is now streamlined through RateGains connectivity platform, which connects over 191,000 properties, spanning the worlds leading source markets.

The platform enables the real-time exchange of availability, rates, inventory, and content between accommodation providers, OTAs, and global distribution systems (GDS), processing over billions of transactions annually. Built on a dedicated data center, it offers unmatched reliability with zero downtime, ensuring consistent, scalable performance.

RateGain also solves for direct connectivity to Metasearch engines through Its booking engine, as helping hotels drive more profitable well as now provides the first CRS Integrated AI agent to capture bookings through voice, helping hotels to have a unified platform to get bookings from OTAs, GDS, Metasearch, Social media and voice connectivity

With 26 of the top 30 hotel chains and 25 of the top 30 OTAs leveraging its platform, RateGain operates one of the largest and most trusted distribution networks globally, enabling clients to drive visibility, bookings, and revenue at scale.

Martech

As travel increasingly becomes online, digital discovery is central to the travelers journey. From researching destinations to booking stays, mobile devices, social media, and digital platforms shape every decision. Against this backdrop, hotels and travel brands must build meaningful, personalized engagements to attract and retain guests while navigating rising customer acquisition costs and fragmented digital ecosystems.

RateGain addresses this challenge with an end-to-end digital marketing suite that empowers hotels, airlines, car rentals, DMOs, and other travel segments to drive higher Return on Ad Spend (RoAS) through intelligent guest acquisition and retention strategies.

Powered by AI-driven audience identification and activation, RateGains Martech platform helps brands target audiences based on travel intent and behavior; launch and optimize campaigns across social, search, metasearch, and programmatic channels; and personalize messaging to capture high-intent travelers from luxury seekers on social media to price-sensitive users on Google or TripAdvisor. With over 24 billion+ travel intent data points, RateGains Martech platform enables campaign planning, measurement, brand engagement, and CRM-driven retention, helping its customers boost digital performance and profitability.

The acquisition of Adara significantly strengthened RateGains portfolio, enhancing both DaaS and Martech capabilities. Adara brings rich travel-intent data and advanced digital marketing tools that enable:

More	Improved	Seamless integration
precise audience	personalization	of marketing and
segmentation	across touchpoints	revenue functions

The travelers journey consists of six distinct phases, which are as follows:

Dreaming: In this stage, the	Planning: The	traveler	Discovering: After selecting
traveler doesnt intend to book	starts considering	specific	a destination,	the	traveler
a trip but is inspired by social	itineraries, dates, locations, and		scouts the best offers and tour
media and other platforms.	activities for the trip.		packages available.
Review and Retention:	Trip and Stay:	The	Booking: The traveler finalizes
After the trip, the traveler	traveler embarks on the		plans by making reservations
reflects on their experience,	trip and checks into their		through the	preferred
provides feedback.	accommodation, experiencing		booking platform.
	what was promised during
	the booking phase.

RateGain structures its Martech offerings to influence every phase, enabling hotels to engage meaningfully and maximize revenue at each touchpoint. By integrating sales, marketing, distribution, and revenue management into one cohesive platform, RateGain helps its customers create holistic, data-driven strategies to thrive in a competitive digital environment.

Business strengths & strategies

Business Strengths

Integrated tech stack of SaaS-based solutions

RateGain offers a robust suite of SaaS-based solutions tailored to the unique needs of the global travel and hospitality industry. Designed to drive growth, unlock revenue opportunities, and enable monetization at scale, the Companys product ecosystem is definedby innovation, interoperability, and impact. At the core of RateGains offerings is a modular and integrated tech stack, featuring interoperable products that seamlessly connect across functions, helping customers enhance revenue performance while reducing operational complexity and costs.

RateGains portfolio includes proprietary AI-powered tools such as:

Navigator and Rate Intelligence for OTAs – for dynamic pricing and competitive insights

AirGain – enabling pricing intelligence and market visibility for airlines

Rev-AI a next-generation solution for the car rental segment that replaces static pricing with personalized, real-time pricing recommendations using AI and market data

To drive continuous innovation, RateGain Labs, the Companys in-house incubator, focuses on building cutting-edge, AI and data science-driven applications for the travel industry. The platforms architecture is designed for scale, security, and compliance, adhering to the highest global standards, including PCI DSS and GDPR, ensuring data privacy and operational reliability.

Additionally, RateGains Martech solutions empower hotels and travel brands to identify and convert high-intent travelers through targeted campaigns and real-time guest engagement. By monitoring guest interactions, inquiries, and feedback in real-time, the platform enhances the overall guest experience and strengthens brand loyalty.

Comprehensive portfolio of revenue maximization solutions

RateGain has built a robust and diversified portfolio tailored to meet the evolving technology needs of the global travel and hospitality industry, with a strong focus on both enterprise and mid-market clients. What began as a single price comparison tool for hotels has evolved into a comprehensive suite of end-to-end solutions that support revenue optimization, travel intent analysis, distribution, and digital marketing.

The Companys offerings address core business functions such as revenue management decision support, competitive intelligence, distribution, social media and online reputation, brand engagement, and paid digital marketing. These solutions cater to a wide range of industry segments, including hotels, airlines, OTAs, car rentals, cruise lines, and vacation rentals, helping clients streamline operations and unlock new revenue streams across global markets.

These products are developed in-house by a centralized team of software developers, product managers, and data scientists, enabling high operational leverage and cohesive innovation across the product suite. RateGains solutions are fully integrated with major Property Management Systems (PMS), Central Reservation Systems (CRS), Revenue Management Systems (RMS), Global Distribution Systems (GDS), and a variety of long-tail OTAs, amplifying reach, data access, and network effects across its ecosystem.

The acquisition of Adara has further strengthened RateGains Martech capabilities, allowing it to leverage anonymized digital profiles scored on travel intent for more precise audience targeting. This significantly boosts the effectiveness marketing campaigns and improves return on investment for customers. RateGain also offers customized social media strategies aligned with client goals, delivering measurable engagement and performance insights, further positioning the Company as a strategic partner in driving improved outcomes across the travelers digital journey.

Trusted relationships with global customers

RateGain serves a broad and diverse customer base of over 3,224 clients as of March 31, 2025, including 15 of the top Fortune 500 companies. Its clientele product spans the entire travel and hospitality value chain, ranging from airlines, hotel chains, and cruise lines to car rental agencies, online travel agencies (OTAs), destination marketing organizations (DMOs), tour operators, and wholesalers.

The Companys key strength lies in its ability to build and sustain long-term relationships with leading global brands. The Company offers end-to-end support through a dedicated global implementation and support team, ensuring timely resolutions and seamless platform adoption. To continuously enhance customer experience and stay attuned to client needs, RateGain has established a strong feedback ecosystem that includes automated Net Promoter Score (NPS) surveys, customer satisfaction surveys during onboarding, regular business reviews, and customer advisory boards across regions. In addition, RateGain hosts annual advisory meetings with industry professionals and customers to gather insights, validate product roadmaps, and ensure its offerings align with the shifting dynamics of the travel and hospitality industry.

Strong network of integrated partners

Over the past 15 years, RateGain has built a robust ecosystem of integrated partnerships, encompassing leading OTAs and over 700 demand partners across global travel markets. These partnerships are the result of sustained technological investments and ongoing operational collaboration, enabling seamless connectivity between RateGain and hotel properties worldwide. This extensive network not only accelerates the development and distribution of RateGains solutions but also plays a crucial role in facilitating hotel expansion into new source markets. By connecting large hotel chains with regional OTAs and niche platforms, RateGain supports organic growth and reduces reliance on traditional sales and marketing efforts.

Robust financials and operating leverage

RateGain delivered a strong performance in FY 2024-25, reinforcing its ability to scale efficiently while maintaining profitability. The Company reported a solid cash position, holding Rs 12,674.1 million in cash and cash equivalents as of March 31, 2025.

Revenues grew by 12.50% y-o-y to Rs 10,766.7 million, supported by continued platform adoption Profitabilit andstrategiccustomerwins. robust, with EBITDA increasing to Rs 2,320.6 million, translating into healthy margins of 21.60%, and PAT rising to Rs 2,089.3 million, reflecting strong operational execution.

The Companys annual recurring revenue (ARR) stood at Rs 10,768.0 million, underscoring the predictability of its SaaS-driven business model. With an expanding customer base of 3,224 clients, improved revenue per employee, and disciplined cost management, RateGain continues to demonstrate operating leverage and is well positioned to sustain growth while enhancing shareholder value.

Diverse and highly experienced management team with a strong focus on employee welfare

RateGains success is attributed to a diverse, highly experienced leadership team with deep domain expertise in SaaS, travel, and hospitality. Each member of the senior management team brings over a decade of experience, particularly in revenue growth, go-to-market strategies, and product development. With leadership presence across three continents, RateGain gains from both diverse perspectives and localized engagement, enabling stronger relationships with enterprise and mid-market clients in key global markets.

RateGain also places a strong emphasis on employee development, engagement, and well-being. The Company fosters a culture of continuous learning through initiatives such as the ‘Micro MBA program for business acumen, functional training for skill development, and leadership development programs for grooming future leaders.

To ensure timely employee support, RateGain has implemented an employee ticketing system for query resolution and regularly conducts structured employee satisfaction surveys. An anonymous chatbot provides a direct line of communication to the CEO, encouraging openness, transparency, and trust within the organization.

These people-centric initiatives have led to multiple recognitions, such as being recognized as a ‘Great Place to Work for five consecutive years and Best Company for Career Growth by comparably, reaffirming its dedication to building a supportive, inclusive, and growth-oriented workplace.

Business strategies

Enhance offerings through cross-selling and geographical expansion

RateGain focuses on extending its offerings into new verticals and geographies. Leveraging the interoperability of its diverse product suite, the Company is well-positioned to consolidate multiple point solutions into integrated, bundled offerings. This enables customers to access deeper insights, better manage demand fluctuations, and optimize pricing strategies across different hotel categories and travel segments.

The Company is also enhancing the capabilities of AirGain, its specialized airline pricing intelligence tool, to deliver personalized, contextually relevant insights that address key operational challenges. Strengthening such offerings is expected to increase RateGains wallet share among existing clients while reducing customer acquisition costs.

RateGain plans to drive growth by:

Expanding within adjacent travel industry verticals that can benefit from its existing solutions

Cross-selling integrated products to its well-established customer base

Tapping new customer segments

Scaling geographically through partnerships with leading travel and hospitality brands

The Companys strategy involves cost-effective market expansion by deepening existing relationships and entering adjacent markets, minimizing incremental sales efforts while maximizing revenue opportunities. Through a combination of strategic partnerships, cross-selling, and geographic expansion, RateGain is committed to accelerating growth across its businesses and strengthening leadership in the global travel technology ecosystem.

Scale AI-powered product offerings

RateGain has evolved as one of the worlds largest aggregators of travel pricing data for the travel and hospitality industry. Central to its operations is a comprehensive data lake that captures, stores, and models a vast amount of travel-related data, forming the foundation for its market-leading rate intelligence, cognitive revenue management, and distribution products.

Over the years, RateGain has successfully leveraged its rich data assets and analytical capabilities to expand its portfolio and monetization opportunities. Boosting its innovation capabilities, RateGain has established RateGain Labs, an in-house hub focused on developing data-driven solutions that solve the most complex challenges in the travel sector. Drawing on its deep domain expertise, proximity to customers, and operational scale, RateGain Labs drives the creation of pioneering offerings that position the Company at the forefront of travel technology innovation.

Building on this strength, the Company is committed to further utilizing its extensive data resources to scale AI-driven products and solutions and commercialize APIs to address a wide range of use cases within the travel ecosystem. These initiatives are designed to make travel experiences more personalized, efficient, and seamless for businesses and consumers alike.

Pursue strategic investment and acquisition opportunities

Inorganic growth remains a core pillar of RateGains long-term strategy to build a comprehensive revenue maximization platform and accelerate business expansion. The fragmented nature of the hospitality and travel technology industry, combined with a rapidly evolving macroeconomic environment, presents significant opportunities for strategic acquisitions and investments.

RateGain has a proven track record of successful mergers and acquisitions, each contributing to strengthening capabilities, enriching product offerings, and expanding its customer base. The Company continues to pursue strategic acquisitions that complement its growth strategy, particularly those that add technological edge, broaden service portfolios, and unlock access to new markets.

Over the past few years, RateGain has successfully executed four major acquisitions: DHISCO (2018): Integrated with RezGain to form one of the worlds largest networks connecting hotel supply with global demand platforms.

BCV (2019): Enabled entry into the Martech segment, allowing hotels to better engage with potential guests through social media.

MyHotelShop (MHS) (2021): Strengthened RateGains digital marketing capabilities, helping hotels drive direct bookings via metasearch platforms.

Adara (2023): Enhanced RateGains leadership in travel intent data and pricing intelligence, enabling clients to significantly improve their return on advertising spend (RoAS) through precise audience targeting.

These acquisitions have expanded RateGains technological capabilities and deepened its presence across different touchpoints of the traveler journey, cementing its reputation as a unified platform for sales, marketing, distribution, and revenue management.

Looking ahead, RateGain intends to continue exploring inorganic growth, targeting businesses that offer complementary products and technologies. These strategic initiatives are aimed at enhancing operational excellence and bolstering innovation, reinforcing RateGains position as a leading revenue maximization partner for the travel and hospitality sectors.

Business performance

Financial & Operating Performance

( Rs in million)

Particulars	FY 2024-25	FY 2023-24
	(consolidated)	(consolidated)
Operating Revenue	10,766.7	9,570.3
EBITDA	2,320.6	1,897.2
PBT	2,722.3	1,888.7
PAT	2,089.3	1,435.9
Net Worth	16,826.6	14,504.7
Return on Net	12.4	10.0
Worth (%)
Debt to Equity	0.00	0.01
Ratio
Earnings per share (Rs)	17.7	13.0

DaaS: The Company generates revenue on a SaaS-based annual subscription fee model and a Hybrid Fee model, where it charges a minimum annual subscription fee and a pay-per-use model for generating additional data for the client under the Data as a Service (DaaS) division. The Company recorded a revenue of Rs 3,412.9 million in FY 2024-25 as comparedto ial and operational excellence. Rs 3,145.6million FY 2023-24, marking a growth of 8.50%.

Distribution: Under this segment, the Company generates revenue in two forms, viz., a SaaS-based annual subscription model and a transactional model, where it generates a fee from bookings made through its platform. Total revenue from this segment stood at Rs 2,232.4 million in FY 2024-25 as compared to Rs 2,117.3 million in FY 2023-24. The annual growth within the Distribution segment stood at 5.40%.

Martech: Under the Martech segment, the Company generates revenue from a SaaS-based annual subscription fee charged to its clients, along with a campaign-based fee for managing digital marketing campaigns for clients periodically. The total revenue grew by 18.90% to Rs 5,121.4 million in FY 2024-25 compared to Rs 4,307.4 million in FY 2023-24.

The Companys consolidated operational revenue increased by 12.5% from Rs 9,570.4 million in FY 2023-24 to Rs 10,766.7 million in FY 2024-25. Despite the ongoing economic uncertainties, the Company registered steady growth in revenue from its current clients and the addition of new clients during the year.

The annuity-based subscription fee accounted for 22.60% of total revenue, the hybrid fee structure for 34.90%, and the transactional volume constituted 42.50% of total revenue for the year. The Company aims to increase recurring and subscription-based revenue to ensure consistent and reliable revenue sources.

Operating Expenses

The Companys operational expenses grew by 10.10% from Rs 7,673.1 million in FY 2023-24 to Rs 8,446.1 million in FY 2024-25.

Operating Profits and Margins

With the globalization of travel and the increasing demand for digitization in the travel and hospitality industries, the Companys solutions gained impressive traction. The EBITDA for FY 2024-25 stood at Rs 2,320.6 million as against Rs 1,897.2 million in FY 2023-24, registering a 22.30% growth. The EBITDA margin increased from 19.80% in FY 2023-24 to 21.60% in FY 2024-25.

The Profit after Tax stood at Rs 2,089.3 million, which is a 43.70% increase from Rs 1,453.9 million recorded in FY 2023-24.

Earnings per Share

The Companys earnings per share expanded from Rs 13.0 in FY 2023-24 to Rs 17.7 in FY 2024-25 due to itsstrong

Share Capital & Other Equity

The Companys Equity Share Capital increased from

Rs 117.8 million as of March 31, 2024, to Rs 118.0 million as of March 31, 2025. Other Equity increased to Rs 16,706.3 million on March 31, 2025, from Rs 14,386.9 million on March 31, 2024. The Net Worth of the Company increased to Rs 16,826.6 million as of March 31, 2025, from Rs 14,504.7 million as of March 31, 2024.

Investments

Investments consist of government and corporate bonds with excellent credit ratings and low-risk mutual funds. As of March 31, 2025, the total investments of the Company amounted to Rs 3,186.3 million.

Other Bank Balances and Cash and Cash Equivalents

As of March 31, 2025, cash and cash equivalents stood at Rs 12,674.1 million, and Other Bank Balances totaled Rs 22.7 million.

Key Financial Ratios - Consolidated Operations

Particulars	FY 2024-25	FY 2023-24
	(consolidated)	(consolidated)
Debtors Turnover	5.16	5.2
Inventory Turnover	NA	NA
Interest Coverage	182.72	138.9
Ratio
Current Ratio	7.34	5.3
Debt Equity Ratio	0.01	0.01
Operating Profit	21.55	19.8
Margin (%)
Net Profit Margin	19.41	15.2
(%)
Return on Net	12.42	10.0
Worth (RONW) (%)

Trade Receivables

As of March 31, 2025, trade receivables totaled

Rs 2,122.7 million, up from Rs 2,050.0 million as of March 31, 2024. During the year, Debtor Turnover increased from 5.2 times to 5.16 times.

Current Liabilities

Current liabilities include borrowings, accounts payable, lease liabilities, other financial liabilities, short-term provisions, and other current liabilities. Current liabilities as of March 31, 2025, stood at Rs 1,927.9 million as compared to Rs 2,459.8 million as of March 31, 2024.

Cash Flow

Cash flow from operating activities stood at Rs 1,199.7 million in FY 2024-25 compared to Rs 1,518.1 million in FY 2023-24. This was driven by an improvement in profitability, with profit after tax coming in at Rs 2,089.3 million and improved collections achieved during the year. There was also the impact of tax payments in the North America geography that Impacted the cash flows In the past year.

Human resources

FY 2024-25 was a defining year at RateGain, showcasing our dedication to excellence, inclusion, innovation, and sustainable growth. Our people-first philosophy translated into industry recognitions, capability enhancement, technological transformation, and cultural initiatives that set the foundation for long-term success.

RateGain was Great Place to WorkR Certified for the sixth consecutive year, achieving the remarkable distinction of being ranked among Indias Top 100 Workplaces by the Great Place to WorkR Institute. We were also ranked #77, a 20-point jump from last year, among the 100 Best Workplaces in IT & IT-BPM 2024, reaffirming our position as one of the most employee-centric organizations in the technology sector.

As a testament to our ongoing commitment to fostering an equitable and inclusive workplace for all communities, RateGain was honored with the Diversity Impact Award by Human Capital Awards in July 2024, acknowledging the meaningful and sustained impact of our RGFORALL initiative, which drives our Diversity, Equity and Inclusion agenda.

HR Metrics: Measuring What Matters

Our people strategy continues to drive measurable progress. The annual voluntary attrition stood at 10.46%, while A-player attrition was significantly low at 4.80%, indicating our ability to retain top talent. Our Employee Net Promoter Score (eNPS) was 38.40, and the Glassdoor rating ranged from 4.0-4.1. With a dropout rate consistently below 10%, our candidate experience remains strong.

RateGain has made significant and inclusion, with gender diversity improving from 28:72 to 29:71 (F:M). In line with this, weve also strengthened diverse representation at the leadership level with strategic hires across key roles including VP, Customer Success; SVP & GM, Commercials; and Head of Human Resources all led by exceptional women leaders. These appointments not only bring valuable perspectives but also reinforce our commitment to equitable growth.

Learning and development remain at the heart of our talent agenda, with over 18,000 training hours delivered this year, enabling our teams to upskill, adapt, and stay future-ready. An impressive L&D NPS of 83 highlighted strong engagement and impact.

These milestones are not just indicators of progress, but also a reflection of our values in action. At RateGain, we are building more than just a high-performance organization we are cultivating a culture where people thrive, leaders grow, and every individual is seen, valued, and empowered to succeed.

We further reinforced our People First value by enhancing leave policies and introducing new wellness leaves, including menstrual, birthday, and general wellness leave. We introduced a Mental Health EAP, offering access to therapy, counseling, and emotional wellness support. Throughout the year, we organized multiple health camps covering eye, dental, and ear checkups to promote preventive care. We partnered with Practo to offer seamless access to telemedicine services and enhanced our medical insurance coverage to support employees and their families more comprehensively.

We also launched ‘YourDOST our Employee Assistance Program (EAP) a confidential offering 24/7 access to professional counseling, mental health support, and self-help tools for all our employees. This initiative is part of #RGFORALL, our commitment to creating a workplace where every voice matters, and every individual is empowered to bring their whole self to work. It also reflects our People First core value the belief that the well-being of our people is foundational to everything we do.

Technology Enablement: Streamlining People Operations

We successfully launched HRONE, our unified HR tech platform designed to digitize the entire employee lifecycle. Previously scattered processes like attendance tracking, employee self-service (ESS), and helpdesk support, once managed across multiple tools, are now streamlined into a single, integrated interface. From onboarding to exit, performance management to attendance, HRONE offers a seamless and intuitive experience, powered strides in diversity by real-time analytics.

As part of our broader transformation journey, RateGain is actively embedding AI across the organization to drive efficiency, innovation, and smarter decision-making. Every department is embracing this shift, launching initiatives that reflect an AI-first mindset and embedding intelligent tools into daily operations. From product development and marketing to customer success and finance, AI is becoming integral to how we work, create, and deliver value.

In alignment with this organizational momentum, the HR team has taken a bold step by launching "REMO" RateGains first-ever AI employee. REMO serves as an intelligent assistant within the HR function, handling first-level employee interactions such as addressing queries, collecting feedback, and supporting day-to-day communication. This allows our HR Business Partners to focus more on strategic engagement, culture-building, and high-impact initiatives. REMO marks not just a technological advancement, but a cultural shift toward a more responsive, data-driven, and human-centered HR experience. To scale AI adoption, we established AXIS our strategic AI Council, tasked with driving AI-led transformation across People Operations, Talent Acquisition, L&D, and Internal Communications.

Our Performance Review Cycle is deeply rooted in a structured goal-setting and performance-review process that aligns individual objectives with broader business strategy. Beginning with a thorough review of the previous year, leadership collaborates to define BU-level goals, break them into measurable objectives and key results (OKRs), and cascade them to teams. This ensures alignment across all levels and reinforces a culture of performance and accountability. Regular check-ins, reviews, and transparent communication are integral to the process, helping track progress and address challenges proactively. Our philosophy centers on transparency, continuous improvement, and a performance-driven culture, empowering every employee to contribute meaningfully to our collective success. At RateGain, we emphasize potential as much as performance, reinforcing accountability while nurturing growth.

Capability Building: Introducing the RG ComPASS Framework

During the year, we launched RG ComPASS (Competency Assessment), an enterprise-wide Competency Framework designed to anchor performance, hiring, learning, and development across functions. The framework was rolled out across all functions, including Product, Tech, Revenue, Ops, HR, and Marketing, with each team customizing behavioral and functional competencies relevant to their business context.

By integrating the framework into HRONE, we connected it to career progression, performance appraisals, and learning journeys, ensuring end-to-end visibility and alignment.

Workshops on competency-based hiring, career pathing, and development planning brought this framework to life in everyday talent practices.

At RateGain, the Learning & Development (L&D) function continues to act as a strategic business partner accelerating performance, nurturing careers, and enabling measurable impact.

This year, our approach was rooted in continuous learning, future-readiness, and adaptability. We delivered over 20,000 hours of learning to 1,076 unique learners with an NPS of 82, structured around four pillars: Leadership Development, Organizational Transformation & Innovation, Competency-Based Learning, and L&D Process Excellence.

Leadership Development

We launched RG GOLD, a global leadership program in partnership with NMIMS and edX, along with focused programs like SHE LEADS (high-potential women), RG POLO (aspiring product leaders), and RG LEAD (first-time managers). A strengths-based leadership intervention also supported 5 selected leaders. For FY 2024-25, weve initiated NorthStar, Ascend, and ACCEL to scale leadership across levels.

Organizational Transformation & Innovation

The AXIS Council drove AI enablement through literacy, implementation, and mentorship. We conducted Beyond Algorithms and Prompt Engineering workshops with SETU, hosted JetSet-Hack, and reinforced culture through the Culture Code. DEIB efforts included Inclusion Dialogues, mental well-being sessions, and DEI workshops like Unconscious Bias and Leading Diversity, embedded into new hire orientation. We also onboarded 17 Management Trainees with function-specific learning and a Campus to Corporate program.

Competency-Based Learning

We rolled out Sales and Tech Academies for key functions with blended learning via LearnGain, Coursera, and expert-led sessions like The Art of Storytelling by Kim Page and Sales Methodology by The Rain Group. Programs like RG Evolve supported career growth for Management Trainees. Functional training across products like UNO, Demand Booster, Navigator, and certifications GTM Buddy laid the foundation for FY 2024-25s focus on MEDDPICC and MEDDIC workshops.

L&D Process Excellence

We ensured robust compliance training across regions on POSH, data privacy, code of conduct, unconscious bias, information security, and

RateGain core values. Additional modules on fire safety, first aid, and financial wellness (India) enriched employee well-being. We maintained strong governance, tracking, and execution quality, reinforcing consistency and adherence to L&D policies and standards.

We also modernized our hiring approach with the launch of the T.A.P. Network (Talent Acquisition Partners) a curated consortium of top global hiring partners for SaaS roles. By embedding the GH Smart Interviewing Framework, we enabled data-driven, structured, and bias-free hiring decisions. These measures have strengthened our hiring agility, improved candidate experience, and ensured a future-ready talent pipeline aligned with business growth.

Every metric, policy, and initiative is anchored in our vision to build an inclusive, high-performance, and future-ready workplace. Our focus for FY 2025-26 will continue to center around digital innovation, human-centered experiences, and capability acceleration to propel RateGain and its people into the next chapter of success. Together, were not just managing talent, were shaping the future of work.

Internal controls

RateGain has a strong internal control system commensurate with the size, scale, and complexity of its operations. It has established comprehensive policies and procedures to ensure adherence to applicable regulatory requirements, safeguarding of assets, and timely reporting of The effectiveness and efficiency of the internal controls are regularly audited by an external audit firm. The Audit Committee periodically monitors the internal controls and implements necessary measures for any discrepancies, observations, or suggestions made by the internal auditors.

Cautionary statement

The statements in the Management Discussion and Analysis Report that describe your Companys projections, estimates, and expectations are "forward-looking statements". They are within the meaning of applicable securities laws and regulations. Actual results could differ from those expressed or implied depending upon the economic conditions affecting demand/supply, price scenario via in the domestic and international markets in which it operates, changes in government regulations, tax laws, and other statutes. Your Company undertakes no responsibility to publicly amend, modify or revise any forward-looking statements on the basis of any subsequent development, information or events.