Paytm on 20 February 2019 forayed into hotel bookings and announced the acquisition of night stay, a luxury hotel-booking platform that offers deals on last-minute bookings. 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.
It has also initially tied up with over 5,000 hotels across the budget, luxury, and business segments. This number is aimed to reach 2 million hotels and alternate accommodations globally, with the availability of 50 million rooms within the first 18 months.
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. Started in 2014, the travel vertical of Paytm, which is formally called Paytm Travel, is claimed to sell over 60 million tickets every year and be a leading player for train, bus, and flight ticket bookings.
Moreover, the entity is aiming to emerge among Asia’s leading hotel booking platforms by 2020 – taking on the likes of Cleartrip, Goibibo, MakeMyTrip, and Oyo. Further, Paytm is in plans to leverage its deal with Noida-based night stay to bolster its new move. night stay co-founder and CEO Nasr Khan will be leading the newly launched hotel-booking category at Paytm.