New Delhi, June 10, 2016: OYO, India’s largest branded network of hotels announced a strategic partnership with ItzCash, India’s pioneer and the largest player in the digital payments space, to tap the next 500 million underserved Indian consumer segment. The tie-up will facilitate effortless payments for hotel-bookings across 5500 hotels in over 170 cities in India through ItzCash’s easy money transfer solutions. With this partnership ItzCash is going aggressive in hotel booking and aims to double its volume and clock Rs. 400 crore by FY18. ItzCash is backed by Lightspeed Ventures, which is also an investor in OYO.
The partnership will help OYO tap potential consumers who do not have access to either a debit or a credit card. ItzCash is already a dominant player in travel segment, and will offer access to OYO via an online co-branded portal as well as offline outlets. Both partners also have existing synergies such as deep integration with IRCTC. ItzCash offers travel booking service through its strong network of 75,000 plus pan-India network of retail touch points
Elaborating on the partnership, Ritesh Agarwal, CEO & Founder, OYO said, “Our journey towards becoming India’s most loved hotel brand has been driven primarily by customers who engaged with us online or through their mobile devices. The partnership with ItzCash will enable us to reach the large traveller-base that transacts through offline channels. ItzCash is a trusted partner for these customers and this long-standing association will undoubtedly help them build preference and familiarity with OYO”
Speaking about this new partnership Mr. Naveen Surya, Managing Director –ItzCash said, ”With this integration, we aim to further strengthen ItzCash’s foothold on the digital stage. While we already dominate Rail bookings; our focus in air and hotel bookings will drive the incremental growth in the next two fiscal for ItzCash. We aim to address the problem faced by a large section of society who is unaware of doing advance hotel booking at an affordable rate. Travel & Hotel bookings account for 12 – 15 % of ItzCash business and with this association it’s going to be the fastest growing sector for us. It is expected to grow at 60% year-on-year.”.
With its disruptive business model, OYO is the pioneer of standardized hotel segment, bringing in predictability, affordability and accessibility to the hospitality sector. It is also one of the very few start-ups that have played a significant role in the sharing economy revolution in the Indian ecosystem through a range of tie-ups that enable convenience, standardization and choice.
Corporate Comm India(CCI Newswire)