Bhanu Chopra Recognized As ‘Founder Of The Year’ At Entrepreneur India’s Startup 2023 Awards
Noida, March 14th, 2023: RateGain Travel Technologies Limited, a global provider of SaaS solutions for the hospitality and travel industry, announced today that its Founder and Managing Director, Bhanu Chopra, has been recognized as ‘Founder of the Year‘ at the recently concluded Startup Awards powered by Entrepreneur India.
In its fourth year now, the Startup Awards have been recognizing the best talent in the startup world since 2018 and have seen leading startups compete for recognition every year, where winners are decided by an eminent and diverse jury.
Today India is the world’s third-largest startup ecosystem, with more than 84,012 recognized startups as of 30 November 2022. In this 75th year of independence, the number of recognized startups has increased from 452 in 2016 to 75,000. In the last year, more startups are focusing on profitability and longevity.
RateGain’s founder Bhanu Chopra has operated RateGain profitably since its inception, and, owing to its strong fundamentals, is witnessing healthy growth in a volatile environment; creating an example for the startup ecosystem to follow for scaling their business and building a competitive advantage.
Speaking on the occasion, Bhanu Chopra – Founder and Managing Director, RateGain – said, “I am truly humbled by this recognition. The last few years have been a great learning curve for all of us, with every founder, old and new, facing some sort of challenge in doing business. Our journey at RateGain over the last three years has also been transformative, and it would not have been possible for us to achieve new heights without the amazing team that works with me at RateGain.”
Entrepreneur India is committed to creating an extraordinary community of diverse people who are architecting a better tomorrow. It is part of Entrepreneur media which is visited by over 20 million readers every month and for the last five decades has been a leading publication that startups and founders rely on for insights
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 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.
Forward-Looking Statements
Statements in this document relating to future status, events, or circumstances, including but not limited to statements about plans and objectives, the progress and results of research and development, potential project characteristics, project potential, and target dates for project-related issues are forward-looking statements based on estimates and the anticipated effects of future events on current and developing circumstances. Such statements are subject to numerous risks and uncertainties and are not necessarily predictive of future results. Actual results may differ materially from those anticipated in the forward-looking statements. The company assumes no obligation to update forward-looking statements to reflect actual results, changed assumptions or other factors.
Contact Media
Ankit Chaturvedi
[email protected]
Global Head-Marketing
Low Development Costs, High ADRs and Incredible Valuations
Written by: Jay Bhakta
Glamping has taken the hospitality industry by storm over the last few years with developments occurring overnight. These remote-style stays became especially popular over the course of the Covid pandemic, as they offered the distanced retreats and vacation getaways that many craved after lockdowns. Due to the lack of physical structures required, development is rapid and far less costly. However, with the unique service proposition provided, glamping properties are able to charge high ADRs. And, as these properties are valued based on the income approach, their valuations are derived from their cash flow — resulting in incredible returns.
With varying startup costs through different business models, these high returns can be further extended. By making decisions such as buying or leasing land, startup costs can be further mitigated, allowing for a low barrier of entry for new competition to join. With the growth in popularity of online travel agencies, new and existing companies are able to compete in the marketplace without the need for previous brand presence or awareness, further lowering the hurdles of entry. Because of these factors, glamping properties are quickly profitable and scalable.
Innovative hoteliers within the industry are beginning to transform traditional hospitality by better understanding the relationship between investment costs and ADR. Traditional hospitality used to state that investment costs would correlate with the ADR you were able to charge. However, with the newer generation of travelers willing to spend more on experiences rather than materialism, development has been flipped on its head and is rapidly changing, allowing for many new creative opportunities and solutions.
In addition, to the financial incentives provided from lower investment costs and higher returns, the unique selling proposition of glamping includes sustainability, eco-friendliness and an escape from the hustle and bustle of everyday life, while still providing the luxury of comfort. These are just a few of the many reasons people are choosing glamping as their next travel experience rather than a trip overseas. It is important to note that it is not only campers who are choosing glamping, but also travelers who are typically interested in taking vacations in other countries and staying in hotels.
Glamping provides tech and business savvy property managers with many possibilities for creative solutions to improve upon the blank slate due to the lack of proprietary burdens of the traditional hospitality business. Glamping is truly a creative outlet and unencumbered in its naivety. This space is growing rapidly and will see many further innovations that will continue to shape the future. However, it is currently in need of entrepreneurs who will provide centralization and standards to further grow the market, as the current state of decentralization can provide a shattered and messy booking experience.
Stay-tuned to the fine, glamping options that develop over the next several years; or consider an entrée yourself and make it your next business endeavor.
This blog post tied for First Place in the Fall 2022 HFTP/MS Global Hospitality Business Graduate Student Blog Competition presented by the HFTP Foundation. Participants are students participating in the Master of Science in Global Hospitality Business, a partnership between the Conrad N. Hilton College of Global Hospitality Leadership at the University of Houston, the School of Hotel and Tourism Management at Hong Kong Polytechnic University and EHL. The blog posts that received the top scores will be published on HFTP Connect through March 2023. Learn more at HFTP News.
Jay Bhakta is a recent graduate with a Master’s in Global Hospitality Business from EHL Business School with an interest in hospitality asset management, development and operations.
Resources:
BLLA. (2022, August 3). How boutique brands are leveraging strategies to revolutionize the hospitality industry. Hospitality Net. Retrieved October 29, 2022, from: https://www.hospitalitynet.org/news/4111821.html
HFTP Presents: 2022 Year in Review
For HFTP, the year 2022 saw the return of some of its most popular initiatives and the launch of a successful new program. It marked the bittersweet departure of some beloved HFTP leaders, and the arrival of enthusiastic individuals ready to take up their mantles. Ready for a rundown of the most noteworthy highlights of the year? Keep reading.
The Return of the Biennial Compensation and Benefits Report:
Hospitality professionals regularly reach out to HFTP seeking the latest version of this long-standing research report. Over its 30-year history, this report has helped countless professionals gauge the latest industry trends to determine appropriate pay and benefits for themselves or their employees.
This is especially indispensable data in light of the staffing challenges that are currently afflicting the industry; competitive wages and benefits often make the difference in recruiting new talent to your organization and retaining top performers. Following a two-year hiatus during the Covid-19 pandemic, the latest data (2020-2022) is now available, and it is free to active HFTP members. Learn more here >>
The Return of E20X to HITEC North America:
Last seen at HITEC North America in Minneapolis three years ago, HFTP’s extremely popular startup pitch competition made a triumphant return to HITEC Orlando in 2022. Eight hospitality technology startups brought their exciting business concepts to the HITEC Headliner stage and show floor this past June.
The Judge’s Choice Award went to process automation specialist RobosizeME, whose virtual robots help hospitality companies automate hotel operational processes including reservations, revenue management, group sales, events and more. The People’s Choice Award went to Florida-based Beachy, which serves resorts with reservation activities and mobile food and beverage solutions to improve the guest experience.
An E20X competition also took place at HITEC Dubai this year, where eTip won the E20X Judge’s Award, S-Rate won the Judge’s Choice Semi-Finalist Award, and Turpal was chosen by HITEC attendees to receive the People’s Choice Award. Read this blog post written by one of the E20X Dubai competitors on their experience participating in the event.
Applications have just opened for E20X North America 2023, which will be held on June 28 in Toronto. Learn more at HFTP News >>
The Launch of the HFTP Leadership Excellence Series:
The new HFTP Leadership Excellence Series program debuted to great success in January 2022, quickly reaching its capacity of 100 individuals. This member-exclusive program helped participants cultivate new leadership skills and knowledge through virtual sessions held throughout the year, which included lectures presented by hospitality leaders, book clubs, hot topic webinars, and idea-brainstorming exchanges. The participants were recognized in a special reception at the HFTP 2023 Annual Convention last October.
On the heels of its inaugural victory, the Leadership Excellence Series will return in 2023, with applications now open through January 13. Learn more at HFTP News and don’t miss your chance to participate next year. This program is expected to fill up quickly once again.
The Global Board Experiences First Transition Since 2020:
The year was also marked by the departure of Mark Pate Sr., CHAE, CHTP, MBA from his role as HFTP Global President. Having spent two years in this capacity, Pate served as the association’s fearless leader throughout much of the Covid-19 pandemic, guiding HFTP’s growth and initiatives during a time of rapid, uncertain change in the hospitality industry. Read his final “Letter from the HFTP Global President” blog post to learn more about his experiences leading the HFTP Global Board.
As of this past October, Neil Foster, CHTP, MBA has stepped into the role with enthusiasm to continue building on Pate’s legacy. He brought with him to this new position over 25 years of professional experience in hospitality technology. Get to know the new HFTP Global President in this introductory blog postwhere he describes his international career journey and decades-long relationship with HFTP.
A Change in HFTP’s European Governance:
Carl Weldon, HFTP’s COO Europe since 2016 and a beloved member of the HFTP staff, announced his retirement in 2022. HFTP bade him a celebratory farewell during an HFTP Europe meeting at the citizenM London Tower on October 26. Read this entertaining tribute from HFTP CEO Frank Wolfe, CAE, FIH.
A familiar face now presidents over HFTP’s presence in Europe. Carson Booth, CHTP became HFTP’s new COO Europe as of November 1. The association will benefit from his decades of international, hospitality industry experience in management and technology-centered positions. Booth has been involved with HFTP for many years, volunteering his expertise on multiple HFTP boards, including as chair of the HITEC Europe Advisory Council.
Learn more about Booth’s appointment as COO Europe on HFTP News >>
Engaging Students Remains a Top Priority:
HFTP consistently seeks to engage hospitality students as future leaders of the industry. Two initiatives, which have been successful year-over-year to achieve this goal, produced great results in 2022.
Every academic semester, the HFTP/MS Global Hospitality Graduate Student Blog Competition generates unique hospitality research, and the Fall 2022 edition was no exception. A panel of expert judges representing HFTP selected the top-scoring blog posts, which explore financial aspects of the increasingly popular glamping business model in hospitality; the impacts of environmental, social and governance (ESG) issues in asset management; the transformation of the traditional dining experience using augmented reality (AR) and 3D modeling; and the implementation of virtual reality (VR) to revolutionize employee training techniques.
The winning blog posts will be published on HFTP over the next few months.
Learn more on HFTP News >>
the HITEC Student Volunteer Program provides students the opportunity to volunteer behind the scenes at HITEC North America. In exchange for assisting HFTP staff throughout the conference, the students are provided with a complimentary full conference registration and housing accommodations. For the student volunteers, the program is a significant opportunity to network and learn from the brightest minds in the industry.
Two students who participated in the HITEC Student Volunteer Program in 2022 shared their experiences in blog posts on HFTP Connect. You can read all about their time at HITEC Orlando in Part One and Part Two.
Did You See These HFTP Chapters in Action?
While HFTP is a global association, we also understand the importance of building connections at the local level. HFTP’s chapter system fosters these connections through meetings, educational opportunities, philanthropic activities and social networking events. HFTP chapters were very busy in 2022 – check out this blog post to get a glimpse at some of the activities that HFTP chapters did this year.
A Look Ahead to 2023
As 2022 ends, HFTP has already begun to look ahead to everything 2023 has to offer. Don’t miss out on the many events and opportunities already scheduled to take place in the new year – the HFTP 2023 Leadership Excellence Series (kicking off January)the HFTP 2023 Club Summit (March 27-28), HITEC Dubai 2023 (May 23-24), HITEC Toronto 2023 (June 26-29), and E20X Toronto 2023 (June 28) … just to name a few. See you in 2023!