Bangalore, India, July 29, 2015 –(PR.com)– Rahageer (meaning traveler), that went live this year in April with an air ticketing portal, is now launching an innovative product (first in India) called “Price Lock.” Simply put, this would allow an undecided traveler Mr X to “lock” in his air fare for a few days by payment of a small non-refundable fee. If Mr X decides to book this ticket later and fare has increased, Rahageer would sell him the ticket at locked price. If fare goes down or remains the same, Mr X can book at market price. If he decides not to travel, them he simply need not do anything. In this scenario, though he would lose on lock fee, he would save on a hefty cancellation fee or the entire ticket price in case of non-refundable ticket. Additionally, buying lock gives him peace of mind. This product would be available on both desktop and Android versions.
“This product greatly enhances flexibility of travel for an undecided traveler. Our expectation is that total fees collected by selling price locks would offset losses incurred by selling tickets at lower than market prices. We have background in finance and this innovative product is a result of bringing concepts from finance into travel,” said Prathmesh Kant, co-founder of Rahageer. Prathmesh is former Vice President at Goldman Sachs in Quantitative Strategies team and worked on derivative security pricing and risk quantification for traders. He further adds, “Key intelligence behind this product lies in its implementation. Our engine has been designed on our proprietary algorithms that involves data science, number crunching, probability and statistics.”
In the upcoming launch, Rahageer would offer price locks for a 1 to 7 day period. Fees for price lock can be as low as Rs 100 and range up to cancellation fees for a higher lock duration. “Under no circumstances, lock price can be higher than cancellation fee. Also, our engine is flexible enough and based on customer feedback we can design and launch other variants of price lock that customer wants relatively quickly,” adds Naveen Setia, another co-founder of Rahageer.
Waiting for approval from key people (manager, family, friends), waiting for great travel deals and finding appropriate hotels and cars before booking air tickets are some scenarios where price lock can be of tremendous help. Ravi Jain, third co-founder says, “Price lock can also be of tremendous help in scenarios where a traveler knows his travel date but is uncertain on destination or knows his destination but is uncertain on travel date. In such scenarios, travelers can buy multiple locks. Rahageer, with its existing time grid layout and comfort index based filtering / sorting of flight options, with this new price lock feature would greatly help in solving an air traveler’s decision crisis. Going forward, we would continue working on solving other travel pain points.”
Rahageer is the only portal in India to have launched this product and has early mover advantage in this area. Visit their website www.rahageer.com for more details.