Blockchain Press Releases
RateGain announces results for Q1FY24; Records its Biggest Quarter in Revenue Growth and Triples PAT YoY
LONDON, Aug. 7, 2023 /PRNewswire/ — RateGain Travel Technologies Limited (NSE: RATEGAIN), a global provider of AI-powered SaaS solutions for the hospitality and travel industry, today announced its financial results for Q1 FY24 ending on June 30, 2023, reporting robust revenue growth and improving profitability as the companies continue to build on a record year last year.
RateGain continues to witness strong revenue growth 79.8% YoY to INR 2,144.8 Mn and substantial improvement in operating margins to 17.6% for Q1FY24, up from 10.0% in the same period last year: on the back of operating leverage playing out with improved operating metrics driving performance across different verticals.
The revenue maximization solutions provided by the company continue to find favour with its key clients across the travel and hospitality space, who are looking to drive digitization to provide their guests with a better omnichannel experience, drive efficiencies and optimize their revenue.
In the backdrop of an evolving global environment, the travel demand continues to hold strong and this will further propel investments in the space as RateGain also looks to capitalise on the opportunity and double its revenue in the next three years.
As companies look to adopt AI, one of the constraints that limit them is the cost of developing any solution at scale as well as getting accurate data to ensure the results provided are useful for their internal as well as external stakeholders. RateGain’s ability to provide this at scale in real-time across pricing and travel intent is helping generate interest in its offerings for digital marketing and competitor intelligence.
The company continues to deepen relationships with existing clients and add new logos, helping it grow its new contract wins by 3.1x to INR 593.2 Mn. With the recent investments into expanding its sales teams and presence in key geographies, the company has a healthy pipeline of INR 3,612.8 Mn and is focused to drive value for its customers.
For Q1FY24, the quarter ending June 30, 2023, compared to the same quarter last year the company reported:
- Operating Revenue at INR 2,144.8 Mn v/s INR 1,193.0 Mn (+ 79.8% YoY)
- Total Revenue at INR 2,204.6 Mn v/s INR 1,270.5 Mn (+ 73.5% YoY)
- EBITDA at INR 377.9 Mn v/s INR 119.3 Mn (+ 216.8% YoY)
- PAT at INR 249.1 Mn v/s INR 84.2 Mn (+ 195.8 YoY)
- EBITDA margin at 17.6% v/s 10.0%
- PAT margin at 11.6% v/s 7.1%
The company continues to outperform on key operating metrics when benchmarked against other SaaS companies, the LTV to CAC for Q1FY24 came in at 13.4x and the Revenue per Employee stood at INR 11.8 Mn highlighting healthy productivity. The Annual recurring revenue for RateGain stands at all time high of INR 8,579.1 Mn
Sharing his views on what helped in driving the performance this quarter, Bhanu Chopra, Founder and Chairman, RateGain Travel Technologies, said, “We saw another great quarter with tremendous growth basis addition of new clients and expansion within our key accounts. With people’s attitudes changing towards having more experiences, travel industry at macro level continues to witness robust demand.
RateGain is at the forefront of digitizing this industry and in a great place to capitalize on the tailwinds our industry is witnessing. We are now focusing on our next big goal of doubling revenues in the next three years as we continue to witness robust traction with key clients and add new logos to propel our future growth. We have already started building the organization we need to accelerate RateGain towards that goal and are excited about the future.”
With a key focus on expanding its business further in the Americas region and penetrating further into large enterprises, RateGain also announced the appointment of Peter Strebel, the Ex-Chairman and CEO of Omni Hotels as well as Ex-CEO of Wyndham Hotels with over 30 years of industry experience as the new President of Americas to lead RateGain’s DaaS, Distribution and Martech offerings for the region.
Commenting on the key metrics, Tanmaya Das, Chief Financial Officer, RateGain Travel Technologies, said, “Our focus of driving deeper relationships with enterprises has helped us deliver strong revenue growth with healthy margin expansion in a seasonally soft quarter. With operating leverage playing out and cost optimization measures starting to bear fruit, we continue to build on the path of sustainable growth.
Adara continues to build on its momentum and delivered a strong quarter across growth and margins, underlining the strength of the platform. Our inorganic growth approach continues to be a key pillar of our growth strategy as we focus to build a comprehensive revenue maximization solution to further our goal of doubling revenue in the next three years.“
The company continues to add to its headcount with a global team of 727. RateGain is focused on building a sustainable workplace environment that promotes employee development, inclusivity and diversity. The above combination has enabled the company to reduce its attrition rate to 17.7%. In line with the above, RateGain was recognized by Comparably as the Best Company for Diversity and Career Growth.
About RateGain
RateGain Travel Technologies Limited is a global provider of SaaS solutions for travel and hospitality that works with 2800+ customers and 700+ partners in 100+ countries helping them accelerate revenue generation through acquisition, retention, and wallet share expansion.
RateGain today is one of the world’s largest processors of electronic transactions, price points, and travel intent data helping revenue management, distribution, and marketing teams across hotels, airlines, meta-search companies, package providers, car rentals, travel management companies, cruises, and ferries drive better outcomes for their business. Founded in 2004 and headquartered in India, today RateGain works with the Top 23 of 30 Hotel Chains, Top 25 of 30 Online Travel Agents and all the top car rentals including 8 Global Fortune 500 companies in unlocking new revenue every day. For more information, please visit https://www.rategain.com
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Blockchain Press Releases
Compass Mining Scales Texas Operations with 25 MW Bitcoin Mining Facility, Plans Further Expansion
Energizes Over 50 MW in 2024 Across Six States, with 35 MW Coming Online by January 2025
WILMINGTON, Del., Dec. 20, 2024 /PRNewswire/ — Compass Mining (“Compass” or the “Company”), a leading provider of Bitcoin mining hardware, hosting, and operational solutions, proudly announces the addition of a new 25 megawatts (MW) Bitcoin mining facility in Texas to its growing network of North American operations. The facility is already fully built out and will be operational with an initial 5 MW of capacity by year’s end, scaling to 25 MW in early January 2025. Compass also plans to expand the facility’s capacity to 60 MW by Q3 2025.
The new Texas facility will house a mix of relocated machines from Compass’s existing sites, as well as newly deployed units, ensuring continuity for current customers while offering new clients a seamless and turnkey Bitcoin mining experience. By January 2025, new customers purchasing machines through Compass’s platform will have the option to deploy them at the “Texas 6″ site.
“Our new Texas facility represents another milestone in our mission to make bitcoin mining more accessible for everyone,” said Paul Gosker, CEO of Compass Mining. “We bring a wealth of experience from successfully operating at multiple locations across Texas, navigating the unique grid dynamics and leveraging local resources. For this site, we will provide our support and expertise, including assisting our site partner in hiring expert technicians who meet Compass’s high standards. This ensures high uptime and reliability, delivering the quality our customers expect.”
Compass’s strategy combines vertical integration through proprietary facilities, such as the new Iowa 4 site, with partnerships at third-party facilities renowned for high uptime and reliability. This dual approach allows the company to maintain operational flexibility while delivering reliable hosting solutions. The company has energized a total of approximately 50 MW of power capacity across mining facilities in Indiana, Iowa, Ohio, Kentucky, Nebraska, and Texas in 2024, with plans to add another 35 MW by January 2025.
About Compass Mining
Compass Mining is a customer-first company that provides a platform for individuals and businesses to purchase Bitcoin mining hardware, host machines, build and manage mining facilities, and access a range of ancillary services. With a commitment to exceptional customer support and transparency, Compass Mining sets the benchmark for bitcoin mining hosting. Its mission is to make Bitcoin mining accessible to everyone. To learn more about Compass Mining or to start mining today, visit compassmining.io.
Media Contact
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DUBAI, UAE, Dec. 20, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, will be extending the festive fun with lavish virtual gifts for Bybit Card holders. From Dec. 20, 2024 to Jan. 31, 2025, with every swipe of their Bybit Card, users may get a chance to unwrap mystery gift boxes, including 1,000 in USDT and other exciting airdrops from DOGE to BTC—all rewards, no catches.
For each 100 USDT spent in eligible purchases with the Bybit Card, users will receive a lucky draw ticket to redeem a gift box on Bybit. Each gift box promises a crypto reward—from Christmas baubles in DOGE, SOL, ETH, XRP and BTC airdrops, all the way up to the grand prize of 1,000 in USDT. Registration is required and the special Holiday Giveaway ends at the end of Jan. 2025.
For users looking for a convenient way to utilize their crypto assets for daily spendings and debit payments, it is not too late to apply for the Bybit Card. The application and verification process takes minutes, and a virtual card will be issued as soon as the card is approved, enabling seamless digital payment on Apple and Android devices in applicable regions.
“The Bybit Card takes the hassle out of crypto off-ramp for regular users and weaves rewards and benefits into daily spendings. On top of regular cashbacks, we are introducing extra perks as our token of thanks to wrap up an eventful year in crypto,” said Joan Han, Sales and Marketing Director at Bybit.
The Bybit Card made expansive global footprints 2024 as crypto adoption continues to rise in the past year. Trusted and frictionless crypto payment solutions are in demand in various parts of the world, and Bybit is one of the natural habitats of crypto native consumers. Spanning from Buenos Aires to Amsterdam, the Bybit Card community is growing and so are the perks:
- Up to 10% cashback in USDT, BTC and ETH on eligible purchases
- Zero fees for instant virtual card issuance
- Zero annual or hidden fees
- Up to 8% APY
Enjoy this festive season in all its splendor. Eligible Bybit Card holders from all regions are welcome; terms and conditions apply: Bybit Card Holiday Giveaway: Swipe, Spend & Sparkle!
#Bybit / #TheCryptoArk #theBybitCard
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
For updates, please follow: Bybit’s Communities and Social Media
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Blockchain Press Releases
Bybit P2P Unlocks 20,000 USDT Prize Pools for Select Users in South Asia and Africa
DUBAI, UAE, Dec. 20, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, will be concluding 2024 with lucky spins all around for eligible users on Bybit P2P. With a chance at two grand bonus pools of 10,000 USDT each, select users in parts of South Asia and Africa stand to make the most of their P2P trades at Bybit.
From now to Dec. 31, 2024, eligible users may create their own P2P trading bonus at Bybit and unlock 100% chance of winning:
- South Asia: Eligible users in South Asia may sign up for the Grand Spin Extravaganza
- Africa: Eligible users may register to enter the P2P Prize Spinner
Successful participants may complete one or more referral, deposit, or trading tasks to earn up to 10 Lucky Draw Tickets. Tasks start at beginner level including a first-time deposit of 10 USDT. With a Ticket, users get to spin the wheel of fortune for a guaranteed airdrop from the 10,000 USDT Prize Pool.
As communities in the Global South start to build and diversify their wealth, millions are in dire need of modernized and inclusive financial infrastructures. The digital asset class offers an alternative for grassroot investors in emerging markets, demonstrating transformative power to shape the future of growth.
Bybit’s peer-to-peer trading platform provides user-friendly and trusted tools for P2P merchants and buyers. Users can compare and execute trades at an optimal price agreed upon by both parties, carried out on Bybit’s ultra smooth trading platform at zero fees. Supporting over 60 fiat currencies and over 300 payment methods, Bybit P2P contributes to democratizing access to the digital economy.
Users who have completed Bybit Identity Verification Level 1 may log in to confirm their eligibility. Terms and conditions apply.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
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View original content:https://www.prnewswire.co.uk/news-releases/bybit-p2p-unlocks-20-000-usdt-prize-pools-for-select-users-in-south-asia-and-africa-302337255.html
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