NightStay Travels Pvt. Ltd, which is operating NightStay app, has been acquired by Paytm for $20 million or Rs 136 crore.
NightStay Travels Pvt. Ltd operates the Nightstay app and it has recently been acquired by Paytm.
Well, Paytm hasn’t denied or confirmed the news but the co-founder of Night stay has confirmed about the development.
Nightstay is a marketplace where hotel booking can be done across 12 cities.
Deepak Negi and Nasr Khan are the co-founder of Nightstay and they are based out in Delhi.
By using the Nightstay app, hotel bookings can be done in Delhi-NCR, Bangalore, Mumbai, Goa, Hyderabad, Kochi, Ahmedabad, Chandigarh, Pune, Agra and Jaipur. We recommend you use Frydeals.com to check for latest offers before your booking.
What Makes NightStay Special?
Night stay targets a particular niche in the hotel booking industry. Any unsold inventory is offered at a very low cost if the booking is done at a very last moment.
Night stay has partnered alongside all the major hotels including 5-star properties. Further, proper arrangements are done such that the unsold properties are offered at a lower costs.
It is a member only platform and with Night stay you are assured of getting hotel bookings even at the last moment which the hotels cannot deny.
In the month of August 2015, Night stay raised a seed funding of $500,000 from Bedrock venture management Pvt Ltd.
In addition, in May 2018 Letsventure and Indian Angel network provided a funding of undisclosed amount as a part of Series-A funding.
Paytm’s Plans About the Tourism Industry
In the last 12 months or so Paytm has made it clear that they want a greater pie in the lucrative yet competitive travel and hospitality space.
In the last 12 months it has been clear that Paytm wants to be a part of the lucrative Tourism industry.
They started the stepping stones in travel industry in 2016 when they partnered alongside IRCTC. As of now, Paytm is IRCTC’S largest reseller for the train tickets and the second largest reseller for the bus tickets.
In February 2019, Paytm declared that about 52 million tickets were sold in 2017 while in May it was announced that 3.8 crore tickets were sold in the first half of the annual year 2018.
Further, they said that about 5000 crore INR would be spent such that the ticketing business is expanded.
Recently, it was announced that Paytm has acquired online ticket platform known as Ticket New which is a Chennai-based firm for about $ 30-40 million.
In the hotel room sector, Paytm had earlier partnered alongside RoomsTonite to offer exclusive deals through their mobile application. But as of now, RoomsTonite has shut down all their operations and now the hotel booking option is not available on Paytm.
So, with Nightstay acquisition, you can expect new promotional schemes, offers and perhaps a new beginning for Paytm in the tourism niche.