Digital wallet company Paytm has acquired last-minute hotel booking platform NightStay for $20 million (about Rs 137 crore), as reported by TOI. NightStay offers deals on Hotels booked via the app. Right now the app is providing its services in 12 cities across India which include Delhi, Hyderabad, Mumbai, Chennai and Bangalore etc.
Started in 2015 by Nasr Khan and Deepak Negi, NightStay had raised $500k from Bedrock Venture Management, GSF accelerator founder Rajesh Savane and Letsventure and Indian Angel Network through its first seed funding.
Now with this acquisition Paytm has started the exercise of making its entry into the hotel industry too.
Paytm has not said anything about the acquisition, but its entry into the hotel industry is going to heat up the space as it’ll be competing with OYO Rooms, MakeMyTrip and other big players in the industry.
Recently, Paytm made the acquisition of TicketNew, an online ticketing platform based in Chennai for around $30-40 million. According to reports it sold 38 million tickets in 2017-18 and in the current fiscal year they want to double the sale of tickets sold last year.