RateGain Travel stock surges: Shares of RateGain Travel Technologies (RateGain) soared as much as 6.26 per cent to hit an intraday high of Rs 834 per share on Tuesday.
The upward movement in the stock came after RateGain announced that it has been selected for a multi-year partnership by Malaysia Airlines Berhad (Malaysia Airlines).
The collaboration aims to enhance Malaysia Airlines’ competitive edge through superior pricing intelligence capabilities provided by RateGain’s AirGain platform, RateGain said in a statement.
Furthermore, the AirGain platform will empower Malaysia Airlines to refine pricing strategies and optimise daily expansion opportunities across its extensive network of domestic and international routes. The move is seen as pivotal amid the growth and competition in the aviation industry, enabling Malaysia Airlines not only to compete effectively but also to set market trends.
Ahmad Luqman Mohd Azmi, chief executive officer of Airlines at Malaysia Aviation Group, the parent company of Malaysia Airlines, said, “In a dynamic marketplace, access to accurate and immediate market data is crucial. Our partnership with AirGain aligns perfectly with our strategic goals allowing us to make data-driven decisions that keep us at the forefront of the competitive aviation industry. This partnership empowers us to strengthen our position and continue to be the gateway to Asia and beyond.
The company’s AirGain platform is renowned for its ability to offer real-time competitive pricing insights, providing critical advantages for sustained growth and competitiveness on regional and international stages. Designed specifically for commercial teams in airlines, AirGain combines sophisticated AI technology with a user-friendly interface, allowing for quick and informed pricing decisions, the company said.
Vinay Varma, senior vice president and general manager at AirGain, said, “Our AirGain solution will allow Malaysia Airlines to set new benchmarks in the commercial aviation pricing domain. This collaboration not only signifies a leap toward advanced pricing intelligence but also underscores our commitment to enhancing the competitive dynamics of the airline industry. We look forward to a journey of shared success and innovation that will undoubtedly elevate the passenger experience to new heights.”
Malaysia Airlines, a member of the Oneworld alliance, claims to remain committed to delivering exceptional service and value while operating a modern and eco-friendly fleet. This partnership underscores their dedication to enhancing customer satisfaction and operational efficiency in a dynamic market environment, RateGain said.
“AirGain’s reputation for enhancing pricing strategies for large airlines across Asia makes it the ideal partner for Malaysia Airlines,” it added.
Set up in 2004, RateGain provides software-as-a-service (SaaS) solutions for travel and hospitality, helping them accelerate revenue generation through acquisition, retention, and wallet share expansion. Currently, RateGain is working with 26 of the top 30 hotel chains, 25 of the top 30 Online Travel Agents (OTAs), 4 of the top 5 Airlines, and all the top car rentals, including 16 Global Fortune 500 companies.
The market capitalisation of RateGain is Rs 9,694.82 crore, according to Bombay Stock Exchange (BSE).
At 11:17 AM, shares of the company were trading 4.78 per cent higher at Rs 822.30 per share. In comparison, BSE Sensex was trading 0.32 per cent at 80.217.74 levels.
First Published: Jul 09 2024 | 11:37 AM IST
