RateGain’s Executive VP Nitin Kumar Steps Down After Less Than A Year
by Bhupendra Paintola · Inc42SUMMARY
- Kumar resigned via email on September 20 and will officially leave the company on November 21, 2024, as per filing
- Kumar joined RateGain in November 2023 where he focused on enhancing product offerings and driving innovation
- Before RateGain, he worked with Mintra as vice president of product management from 2021 to 2023 and has also held the same positions at Paytm from 2018 to 2021
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Listed travel tech SaaS startup RateGain’s executive vice president of product management Nitin Kumar has resigned from his post, after less than a year of joining the company.
Kumar resigned via email on September 20 and will officially leave the company on November 21, 2024, as per filing.
Kumar joined Rategain in November 2023 where he focused on enhancing product offerings and driving innovation.
He has held diverse roles in product management and technology. Before RateGain, he worked with Myntra as vice president of product management from 2021 to 2023 and has also held the same positions at Paytm from 2018 to 2021.
Kumar, alumnus of IIT Delhi, has also founded a real-time carpooling Startup called Coridr in 2016.
The resignation comes amidst the startup’s founder Bhanu Chopra outlining that the company is looking to double its revenue in the next three years leveraging AI to cut operational costs and demand booms in India’s hospitality and tourism sector.
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It is pertinent to note that RateGain clocked a revenue of INR 998.59 Cr in the fiscal year ended March 2024 (FY24), up 70.7% from INR 585.06 Cr in FY23 on strong demand.
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.
Going forward, RateGain also plans to deepen its presence in certain geographies in the US and European markets and is also looking to acquire new companies in the travel tech space.
In March, RateGain’s promoter and promoter group offloaded a 3% stake in the traveltech SaaS from a total holding of 51.25%.
Last year in November, RateGain launched a qualified institutional placement (QIP) to raise fresh capital at a floor price of INR 676.66 per share.
As per its latest financials for Q1 FY25, RateGain reported an 82% jump in its consolidated profit after tax (PAT) at INR 45.37 Cr from INR 24.91 Cr in the year-ago quarter.
Its operating revenue rose 26% year-on-year to INR 278.28 Cr in Q1 FY25.
Shares of RateGain were trading at INR 745 per piece on BSE at 1:12 PM, down 1.6% from the previous close.