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.