Now, book hotels on Paytm; Vijay Shekhar Sharma’s firm to invest Rs 500 crore

By: |
Updated: January 30, 2019 3:21:11 PM

In the first phase of launch, the company has partnered with over 5000 hotels across the budget, luxury and business segments.

Paytm Payments Bank, PPBL KYC, Paytm wallet customers, Paytm Payments Bank Ltd, PPBL, Know Your Customer, KYC process, the Reserve Bank of India, RBIThe Alibaba-backed company has acquired hotel booking app NightStay to enter the hotel aggregation business. (Reuters)

Looking for a hotel stay? Nothing much to worry as digital payments platform Paytm has now come out with a hotel booking facility. The Alibaba-backed company has acquired hotel booking app NightStay to enter the hotel aggregation business and announced investment of more than of Rs 500 crore for scaling its operations and expanding its portfolio, the company said.

In the first phase of 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.

Also read: Share Market Live: Sensex off highs, Nifty below 10,650; ICICI Bank, Axis Bank shares rally

“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,” Madhur Deora, Chief Financial Officer, Paytm said.

The Paytm customers can make choice from the selected over 50,000 hotels, the company added.

“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,” it added.

The hotel aggregation business is currently dominated by hotel chain OYO. The company had recently said that Indonesia has become its next large market after China and India in less than 3 months of foray in the country. OYO’s launched its Indonesia operations in October 2018 with more than 30 hotels and 1,000 rooms in Jakarta, Surabaya, and Palembang.

OYO has expanded to 150 hotels in 16 cities, witnessing a five-fold rise in its growth in Indonesia, the company recently said in a statement.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

FinancialExpress_1x1_Imp_Desktop