Paytm has launched domestic hotel booking service and will be investing upwards of Rs 500 crore for scaling its operations and expanding the portfolio. The company has also acquired Nightstay, a luxury hotel-booking platform for an undisclosed amount.
In the first phase of the 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 across top cities.
With the acquisition, Paytm will leverage Nightstay’s acumen to further expand its portfolio in this vertical. Nasr Khan, founder of Nightstay will be leading this category at Paytm and will be responsible for the overall growth and development as well.
Paytm Travel, which had started in 2014, sells over 60 million 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.
“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,” Madhur Deora, Chief Financial Officer, Paytm said.
Paytm aims at having two million hotels and alternate accommodations globally, with the availability of 50 million rooms within the first 18 months.