The Alibaba-backed company is planning to make an investment of Rs 500 crore in order to scale up its travel operations.
Digital payments company Paytm has launched hotel bookings on its platform and acquired Noida-based last-minute hotel booking app, NightStay. With this acquisition, the digital payments company expands its travel business.
The Alibaba-backed company is planning to make an investment of Rs 500 crore in order to scale up its travel operations. Paytm has partnered with over 5,000 hotels across the budget, luxury and business segments.
Paytm aims to become Asia's top hotel-booking destination by 2020. It is targeting to reach 2 million hotels and alternative accommodations globally.
Madhur Deora, Chief Financial Officer at Paytm, said, "The launch of domestic hotel bookings is an important step forward as it will help travelers around the country conveniently plan and book their perfect trip on Paytm. We want to offer the broadest travel selection on our platform, and look forward to continuing our expansion with the help of our trusted travel partners."
Nasr Khan, Founder of NightStay, will lead the hotel-booking services at Paytm.