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Paytm to Acquire Last Minute Hotel Booking Startup NightStay

Paytm Seeks to Acquire NightStay in $ 20 Million Deal, to Absorb Entire Team

Paytm would be is looking to acquire Noida-based last minute hotel booking app, NightStay, for about $ 20 million.

While the development has been confirmed by Nasr Khan, Founder of NightStay, at VCCircle, Paytm denied commenting on it in response to an email request from Inc42.

Overnight was launched by Nasr Khan in December 2014 with a basic alpha application. The beta version of the product was announced in March 2015.

The idea behind NightStay was to create a platform capable of providing instant hotel reservations to travelers while ensuring high quality of service and hygiene.

NighStay offers hotels an open and flexible option to provide flash accessibility on its app. They can make their inventories available on the NightStay app, available from 12:00 p.m. to midnight, and increase their footfall while maintaining their brand identity.

The startup is present in cities such as Delhi, Mumbai, Bengaluru, Goa, Chennai and Hyderabad. This raised a Funding of $ 500,000 in August 2015 of BedRock Ventures and angel investors Rajesh Sawhney of GSF and Shailesh Vickram Singh, partner of SeedFund.

According to reports, the Paytm’s acquisition of NightStay signals the digital payment company’s foray into the hotel space. The acquisition of NightStay is a step forward in this direction for Paytm.

It should be noted that in September 2017, reports surfaced that the company was looking to acquire the Via.com travel startup.

This happens as the company expands its portfolio to various products and services. In May, Paytm acquired the Chennai-based online ticketing platform TicketNew to strengthen its entertainment arm.

Earlier this month he invested $ 8.95 million (61 Cr INR) in the Entertainment business and also gave its Paytm Inbox users access to free in-app content in categories such as live TV, news, cricket, entertainment videos and games on the go.

The company is investing heavily in new sectors, including entertainment. In a statement, the company said its entertainment arm has increased its online penetration in India by more than 50%. It has also expanded its ticketing business to 660 cities.

In February, he claimed to have multiplied online ticket sales in 2017 by 5 by selling 52 million cinema and event tickets. Madhur Deora, Chief Financial Officer and Senior Vice President, Paytm, had claimed that the company contributed 25% to 30% of the opening weekend box office collection of major films released in India.

In July 2017, Paytm also acquired a controlling stake in Insider.in, an event ticketing platform, to tap into the growing live entertainment space in India.

Other notable startups added to Paytm’s portfolio to date are Cube26, Little, Nearbuy, and m’loyal.

[The development was reported by The Times of India.]