Indian eCommerce payment website Paytm has stepped up its game and is venturing out in travel-tourism sector even more, the company just took over Nightstay, one of the most used mobile apps for hotel bookings.
Paytm began its travel business in 2014 and has been consistently improving and updating to be successful enough to claim 60 million hotel bookings per annum. After the pilot investment, Alibaba-owned Paytm has announced that it has decided to spend Rs 500 crore on its travel business, teaming up with hotels across the nation, covering a variety of budget, luxury and business segments. And over four years, they have partnered with hotel chains such as Sarovar, Zuri, Treebo, Indian Hotels Co’s Ginger, Sterling and Vresorts.
Taking the travel business to a whole new level, the payment company now aims to connect about 2 million hotels including alternative accommodations to reach the goal of being one of the topmost hotel booking platform across the globe – via taking over Nightstay. Talking about the takeover, Paytm had been negotiating with NightStay for around $20 million (Rs 142 crore). And as we all know, NightStay is one of the best hotel booking destinations having a wide range of business and luxury hotels to choose from. In addition to it, Nightstay also offers last-minute bookings at a reasonable rate for the customers.
Taking over such a successful and already established business would be a step worth taking for Paytm and it is expected that the travel business of Paytm will take a huge leap after acquisition of Nightstay by the e-commerce platform. As Madhur Deora, chief financial officer at Paytm told, “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.” The hotel booking services will still be handled by Nightstay owner and founder Nasr Khan in partnership with Paytm.
Paytm has been hustling hard to improve the quality and reach of its services which clearly reflects in the updates of the app. It has included banking, option to open a savings account, UPI transfers etc various services in order to provide customers with the best experience. In fact, this year itself Paytm Travel has started offering foreign-exchange services to international travellers. Looking at the progress, it is quite obvious that Paytm will soon reach its goals and expand its business further.