Nov 11 2020:RateGain, a leading provider of SaaS products for travel and hospitality, has been acknowledged as the Most Innovative Startup at the recently concluded ‘ET Innovation Awards 2020’.
The Economic Times Innovation Awards, presented by technology giant SAP and with the support of knowledge partner Bain & Company, seeks to identify and showcase the best innovations driving growth in business, products, technology, and social impact.
RateGain has been recognized by ET innovation awards for its constant focus on leveraging AI to build products that help travel and hospitality companies across the world generate more revenue opportunities.
Before the pandemic hit, RateGain invested in creating two new innovative products. One, focused on finding new demand proactively and second, provide the alternate lodging industry with an accurate way of benchmarking competition using Image Recognition coupled with AI.
As the industry marches towards a recovery path from the pandemic, the hospitality segment will look for new demand while the trend of staycations continues to stay healthy; these innovations will play a critical role in helping every player in the industry recover demand and maximize revenue. RateGain’s offering for vacation rentals, VRGain uses image recognition to help vacation rental managers automate the process of identifying new supply, which currently is a manual, inefficient and time-consuming process for vacation rental companies.
Speaking on occasion, Harmeet Singh, CEO, said, “We want to thank the Economic Times, the jurors and the honorable minister for presenting us with this award. It’s an honor to be recognized for our innovation, which is core to our foundation as an organization. I also want to recognize my team at RateGain, who made this award a possibility with their creativity and diligence. We are committed to continuing to create and deploy innovative solutions that extend the industry forward in these challenging times.”
The recognition adds to a list of other notable accolades RateGain was recognized for in 2020, including the Best Technology Innovator of the Year by HSMAI Europe, as well as by UNWTO for its contribution to helping the hospitality sector get back on its feet through AI-powered technology. The global organization recognized RateGain’s Smart distribution technology as a ‘Healing for Prosperity’ solution that helps accelerate the hospitality industry’s recovery amidst the COVID-induced business climate.
About the company:
RateGain is a leading provider of SaaS products, which help travel and hospitality companies with cognitive revenue management, smart e-distribution, and brand engagement to make more revenue every day. RateGain is proud to support 250,000+ hotel properties globally by providing 240 billion rate and availability updates & powering over 30 Million bookings. RateGain is trusted by 25 out of the top 30 OTAs, world’s fastest-growing airlines, 23 of the top 30 hotel chains, tour operators and wholesalers, all top car rental companies, largest cruise lines, and the largest travel management companies. In 2018, RateGain acquired DHISCO, which made it the only company in the world to offer end-to-end smart Distribution. In June 2019, RateGain acquired award-winning BCV to offer guest experience cloud to maximize guest lifetime value for hospitality chains. For more information, visit https://rategain.com
Certain statements in this release are forward-looking statements, which involve some risks, uncertainties, assumptions, and other factors that could cause actual results to differ materially from those in such forward-looking statements. All statements, other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to the statements containing the words ‘planned,’ ‘expects,’ ‘believes,’’ strategy,’ ‘opportunity,’ ‘anticipates,’ ‘hopes’ or other similar words. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding impact of pending regulatory proceedings, fluctuations in earnings, our ability to manage growth, intense competition in IT services, data services and consulting services including those factors which may affect our cost advantage, wage increases in India, customer acceptance of our services, products and fee structures, our ability to attract and retain highly skilled professionals, our ability to integrate acquired assets in a cost-effective and timely manner, time and cost overruns on fixed-price, fixed-timeframe contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, the success of our brand development efforts, liability for damages.