Careers at RateGain
RateGain’s mission is to help its customers around the world streamline their operations and sales.
Entrepreneur Bhanu Chopra wanted to make it easier for online travel service providers such as Orbitz and Expedia to benchmark the prices of their offerings with those of competitors. His goal was to create a service similar to meta-search travel sites such as Trivago or Kayak. So in 2004, with the help of $100,000, he founded RateGain, a company with a price comparison platform.
Chopra’s product was business-to-consumer. However, after awhile he realized that it would be difficult for him to compete with major players in the B2C space without investment capital. It would also take a long time to see any efforts come to fruition. So he decided to convert to a B2B model, and license his technology to other travel firms.
The strategy was smart. Within three years RateGain experienced growth of 2,641%, and by 2009 it was valued at $40 million. In 2015 he was able to raise $50 million in funding from private equity firm TA Associates. RateGain has since diversified its product range and now offers a variety of technology solutions for hospitality and travel firms.
Benefits at RateGain
Business model of RateGain
RateGain has a niche market business model, with a specialized customer segment. The company targets its offerings at firms in the hospitality and travel industry, including hotel chains, franchised and independent hotels, hotel management firms, airlines, car rental companies, and tour operators.
RateGain offers three primary value propositions: accessibility, performance, and brand/status.
The company creates accessibility by providing a wide variety of options. Its technology platform serves as a one-stop shop, managing reputation, revenue, and distribution. Specifically, it assists clients with price optimization, revenue optimization, electronic distribution, rate intelligence, rate shopping, web-based channel distribution, brand engagement, and online reputation management.
The company demonstrates strong performance through tangible results. It achieved 50% compound annual growth within three years. Its platform discovers 800,000 pricing opportunities per minute, tracks 1,000 reviews/ratings per hour, tracks three million prices per month, and tracks 1.5 billion price points per month. Specific positive outcomes for clients include the following:
- Grandhotel Zvon used RateGain’s solutions to respond to detailed competitor data and get rid of cumbersome spreadsheets, enabling it to increase its revenues by 34%
- Landmark Bangkok Hotel used RateGain’s solutions to better understand competitor pricing and achieve consistent pricing strategy, resulting in a 25% increase in RevPAR
- Cyprotels Hotels & Resorts used RateGain’s solutions to generate timely reports, improve guest engagement, and positively increase its overall online reputation
- George Lycabettus Hotel used RateGain’s solutions to automate its daily revenue management function, resulting in a 12% increase in RevPAR and 11% increase in room revenue
The company has established a strong brand due to its success. It has more than 550 employees and over 12,000 clients in the hospitality and travel industry worldwide. It has several prominent clients, including Intercontinental Hotels Group, Marriott, Hyatt Hotels, and Fairmont Hotels. It has offices in the United States, UK, Spain, Portugal, Brazil, India, Thailand, Colombia, Japan, and South Africa. Lastly, it has won many honors, including the following:
- Ranking in the Deloitte Technology Fast 50
- India’s Emerging 20 Awards
- India Innovative100 Conference and Awards in the Product and High Tech category
- Nominated for CNBC “Emerging India Awards 2009”
- Ranking as a Finalist in Red Herring Asia 100 Awards
RateGain’s main channel is its direct sales team. The company promotes its offerings through its website, social media pages, and participation in webinars, trade shows, and conferences.
RateGain’s customer relationship is primarily of a self-service nature. Customers utilize the service through the main platform while having limited interaction with employees.
The company’s website features a “Resources” section that includes white papers, case studies, and eBooks. That said, there is a personal assistance component in the form of phone and e-mail support.
RateGain’s business model entails designing and developing its software products for customers.
RateGain maintains strategic partnerships with several organizations in order to enhance its offerings. Specific partners include Sysdat Tourism, Trendtelligent, H-Hotels, and Millennium Soft.
RateGain’s main resources are its human resources, who include the engineers that design and develop its software, the sales employees that promote it, and the customer service personnel who provide support. As a startup it has relied heavily on funding from investors, raising $50 million as of January 2015.
RateGain has a cost-driven structure, aiming to minimize expenses through significant automation. Its biggest cost driver is likely sales/marketing, a fixed cost. Other major drivers are in the areas of customer support/operations and administration, both fixed costs.
RateGain has one revenue streams: revenues it generates from the sale of its products to customers.
info: Bhanu earned a Bachelor of Science in Finance and Computer Science at Indiana University Bloomington. He previously served as Chief Executive Officer of Riv Consulting and as a Senior Consultant at Deloitte Consulting and Roundarch.
info: Sameer earned a B. Tech in Computer Science and Engineering at University of Lucknow and an MBA at XLRI Jamshedpur. He previously served as Sales Director of Fusion Middleware and as Director of Technology Business Development at Oracle Corporation.
info: Yogeesh earned a Bachelor of Commerce at University of Delhi and a Diploma in Hotel Management at IHM – Chennai. He previously served as a Revenue Manager at The Leela Palace and Resorts and Taj Hotels Resorts and Palaces.
info: Imma earned a B. Com at Delhi University and a PGDHRM in Human Resources Management at Narsee Monjee Institute of Management Studies. She previously served as Head of HR at InnovAccer and as a Consultant at GreenHonchos.
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