Paytm is reportedly looking to acquire the Noida-based last-minute hotel booking app, NightStay, for around $20 Mn.
While the development was confirmed by NightStay founder Nasr Khan to VCCircle, Paytm denied commenting on it in response to an email query from Inc42.
NightStay was started by Nasr Khan in December 2014 with a basic alpha app. The beta version of the product was announced in March 2015.
The idea behind NightStay was to create a platform that can provide instant hotel bookings for travellers while assuring a 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, which is available from 12:00 noon till 12:00 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. It raised a $500K funding in August 2015from BedRock Ventures and angel investors Rajesh Sawhney of GSF and Shailesh Vickram Singh, a partner at SeedFund.
According to reports, the Paytm’s acquisition of NightStay signals the digital payments company’s foray into the hospitality space. The NightStay acquisition is a step ahead in this direction for Paytm.
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