Javascript on your browser is not enabled.

Advertisement

Paytm to Foray into Hospitality Space with NightStay Acquisition

Post acquisition, Paytm will on-board the entire Night-Stay team.

Paytm is reportedly acquiring last-minute hotel booking platform, NightStay for around $20 million in a cash-plus-equity deal. Post acquisition, Paytm will on-board the entire Night-Stay team.

Started by Nasr Khan and Deepak Negi in December 2014, Delhi-based NightStay curates unsold inventory across business and luxury hotels and offers a concession rate for customers. It is offering attractive prices on luxury hotels in 12 cities including Delhi, Hyderabad, Mumbai, Chennai and Bengaluru. The NightStay app is available for both Android and iOS users.

NightStay had initially raised a seed round of $500,000 in August 2015 from Bedrock Venture Management, and Rajesh Sawhney, founder of GSF accelerator, along with a follow-on undisclosed round from Lets Venture and Indian Angel Network in May 2017.

Paytm which is emerging as a significant player in the travel and hospitality space, had acquired Chennai-based online ticketing platform TicketNew for $30-40 million in May 2018. The company sold over 38 million tickets in 2017-18, and plans to more than double its ticketing volumes in the current financial year.

Other startups added by Paytm under its portfolio so far are Insider.in, Cube26, Little, Nearbuy, and m’loyal.


Tags assigned to this article:
paytm Hospitality Space NightStay acquisition

Around The World

Advertisement