Rategain Travel Technologies- Can it Travel to great heights

Thanks for starting this thread. I have been tracking this from the sidelines since early this year. Here are some of my notes as of Mar 2022:

• The company distinguishes itself from its competitors due to its niche set of products and technology.
• It derives 95 per cent of its revenue from leisure travel with 65 per cent of the contribution is from the United States.
• The company’s business is scalable with an asset-light business model, leveraged with technology backed by artificial intelligence. The largest services as a service (SaaS) company in the hospitality and travel industry in India. almost nil competition in the Indian market. Need to verify if this is indeed true?
• In the first six months of the financial year, the company’s customer base had 1,462 customers, with at least eight global Fortune 500 companies. Its customers include 25 out of the top 30 OTAs, several of the world’s fastest-growing airlines, 23 of the top 30 hotel chains, 7 leading car rental companies, large cruise lines companies, and the largest travel management companies

Key points about business model and MOAT:

1. 74 per cent of business comes from subscription-based revenue which are with some of the leading brands of the industry – that are stable businesses, and any seasonality does not impact the business immediately. However, in an adverse event where the travel business reduces by 50 per cent we will see some impact on our transaction business
2. 75% revenues comes from N. America. 24% from Europe
3. Biggest MOAT – is the Integrations we have on both supply side and demand side with close to 1000 partners allowing them to scale their business with high ROI. The other MOAT RateGain has is the high degree of interoperability – which means that our products can talk to each other – to share deeper insights which our competitors cannot provide or replicate at the scale which we are able to provide

Risks/Downside – Can someone highlight what the risks or anti-thesis is for RateGain? Its tightly coupled with Travel and leisure industry so its a given that another lockdown kind of situation is a major risk. But apart from that, I would like to understand why Hotels and OTAs might not use their services?

Disclaimer – This is an accumulation of notes i collected over time from various online forums/websites.