Paytm Launches Domestic Hotel Bookings on its Platform, Acquires Nightstay
Paytm, the brand owned by One 97 Communications, India’s largest digital payments platform, has launched domestic hotel bookings. With the launch of hotel bookings, Paytm now offers the widest range of travel-oriented services and is fast-emerging as the go-destination for all travel needs. The company also announced that it will be investing upwards of Rs. 500 Cr for scaling its operations and expanding its portfolio.
The company has also acquired Nightstay, a luxury hotel-booking platform that offers deals on last-minute bookings, for an undisclosed amount. With this acquisition, Paytm will leverage Nightstay’s acumen to further expand its portfolio in this vertical. Nasr Khan, former, Founder & CEO of Nightstay will be leading this category at Paytm and will be responsible for the overall growth and development as well.
Paytm Travel, started in 2014, sells over 60m tickets a year, and has become the leading player for IRCTC tickets, bus tickets, and flight bookings. Earlier this year, Paytm Travel also started offering foreign exchange bookings for international travelers. In the first phase of Hotels launch, the company has partnered with over 5000 hotels across the budget, luxury and business segments. These include the Zuri, Sarovar, Treebo, Vresorts, Sterling, Ginger and Bloomrooms among other marquee chains across top cities.
Madhur Deora, Chief Financial Officer, Paytm said – “The momentum we’re building in our travel vertical is remarkable, with leading positions in rail, bus and flight bookings. The launch of domestic hotel bookings is an important step forward as it will help travelers around the country conveniently plan and book their perfect trip on Paytm. We want to offer the broadest travel selection on our platform, and look forward to continuing our expansion with the help of our trusted travel partners.”
“I am also delighted to welcome Nasr who will lead this vertical and I am confident, that under his leadership, we will become the market leaders of this domain as well,” he added.
With this launch, Paytm customers can access over 50,000 (daily room nights) from handpicked top-quality hotels, all of which meet Paytm’s strict standards for quality, health, and safety. The company aims to increase this number to 2 million hotels & alternate accommodations globally, with the availability of 50 million rooms within the first 18 months while aiming to become one of Asia’s leading hotel booking destination by 2020.
Paytm will be working closely with partner hotels to build innovative technology-driven solutions to offer a more rewarding & delightful experience to its customers.
Nasr Khan, Vice President, Paytm said, “I am excited to be a part of the Paytm team and lead the hotels vertical. I believe that my experience of this domain combined with the platform’s reach and credibility will help deliver a delightful experience to our users.”
Source: BW Disrupt
