When RateGain went public, it made history as India’s first SaaS listing

Founder Bhanu Chopra talks about what went into that call, how investors saw it, and what it revealed about the Indian capital market. He shares how RateGain built its global presence before turning to India, and why he bet big on a $250 million acquisition.

Today, travel is changing faster than ever with travellers planning differently, hotels pricing dynamically, and APAC leading the global recovery. Bhanu breaks down how RateGain powers this, from AI that talks directly to hotels and travellers, to India’s hospitality industry that aims to grow 100% every year.

Valued at nearly $1Billion with over $120 million in annual revenue, RateGain counts some of the biggest names in travel among its customers including Airbnb, makemytrip, Marriott, Hyatt, IHG, Expedia, and Booking.com.

From taking RateGain from zero to IPO and growing revenue tenfold in a decade, Bhanu’s journey offers a grounded view of what it takes to build companies that last. This episode is about more than travel or tech, it’s about how India’s next generation of founders can think global.

0:00 — Trailer
1:00 — How RateGain became India’s first SaaS IPO
6:31 — Was India ready for a SaaS IPO?
7:31 — The $250M acquisition that cost 25% of market cap
10:58 — Why Indian SaaS is listing locally
14:48 — Travel is booming in APAC
15:34 — RateGain’s business Explained
19:09 — AI that talks to consumers and hotels
21:00 — Building a billion-dollar company is totally possible
23:03 — Why the hotel industry is too complex for LLMs
25:40 — $300M of $7.5B TAM
26:45 — Indian hotel chains aims to grow at 100%
29:39 — Travel trends across the US, Europe and APAC
32:25 — How travel behaviour changed after COVID?
33:34 — The 0→1, 1→10 and 10→100 journey
37:57 — What growth means to Bhanu as a founder

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This video is for informational purposes only. The views expressed are those of the individuals quoted and do not constitute professional advice.

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