Paytm forays into Hotel Booking with NightStay acquisition
New Delhi: Paytm on Wednesday forayed into hotel bookings and announced the acquisition of NightStay, a luxury hotel-booking platform that offers deals on last-minute bookings.
Paytm is aiming to take on the companies like Cleartrip, Goibibo, MakeMyTrip, and Oyo.
The digital payments brand owned by One97 Communications is set to invest Rs. 500 crores to scale up its operations and expand the hotel-booking portfolio, according to a press statement to NDTV. NightStay co-founder and CEO Nasr Khan will be leading the newly launched hotel-booking category at Paytm.
The customers could access more than 50,000 daily room nights from hand-picked hotels. It has also initially tied up with over 5,000 hotels across the budget, luxury, and business segments.
The list of initial partners the new venture includes the Zuri, Sarovar, Treebo, Vresorts, Sterling, Ginger, and Bloomrooms among other chains. Paytm is also set to work closely with partner hotels to enable technology-driven solutions for customers, the company said in the statement.
The new step by Paytm aligns with the previous moves, including its partnerships with Indian Railway Catering and Tourism Corporation (IRCTC) and Andhra Pradesh State Road Transport Corporation (APSRTC). The prime aim for the entity is to broaden its travel verticle that is already enabling train, bus, and flight ticket bookings. Earlier this year, Paytm also started offering foreign exchange bookings for international travellers.