Digital payment company Paytm has
launched domestic hotel bookings on its platform and has acquired last-minute
hotel bookings app Nightstay to expand its travel business. The company will
invest upwards of Rs 500 crore for scaling the hotel booking business and
expanding its portfolio.
Nightstay Travels Pvt. Ltd was
founded in 2015. It procures unsold inventory from hotel owners at a discount
and offers the rooms under three categories – boutique, business class and
luxury class hotels. It operates on dynamic pricing for partner hotels with
inventory being made available for booking every morning. Users can book their
stay for up to three days at one go and avail the last-minute deal. It works
with hotels in 12 cities across the country.
Paytm aims to leverage Nightstay to
expand its portfolio in this vertical. Nightstay had raised an undisclosed
amount in a pre-Series A round led by the Indian Angel Network and
LetsVenture in May 2017. In August 2015, it had raised $500,000 in a seed round
from Bedrock Venture Management Pvt. Ltd.
Paytm
Travel, started in 2014, claims to sell over 60 million tickets a year, and
offers rail and bus tickets, and flight bookings. Earlier this year, Paytm
Travel also started offering foreign exchange bookings for international
travellers. The company said it has partnered with over 5,000 hotels across the
budget, luxury and business segments. Its partner hotels include Zuri, Sarovar,
Treebo, Vresorts, Sterling, Ginger and Bloomrooms.
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