ItzCash aims to clock Rs 400 crore through hotel booking by FY18
OYO has announced a strategic partnership with ItzCash to tap the next 500 million underserved Indian consumer segment. The tie-up will facilitate payments for hotel-bookings across 5,500 hotels in over 170 cities in India, through ItzCash’s money transfer solutions. With this partnership, ItzCash 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 will offer access to OYO via an online co-branded portal as well as offline outlets. Both partners have existing synergies such as integration with Indian Railway Catering and Tourism Corporation (IRCTC).
Elaborating on the partnership, Ritesh Agarwal, founder and CEO, 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. This standing association will help them build preference and familiarity with OYO.”
Naveen Surya, managing director, ItzCash, added, “With this integration, we aim to further strengthen ItzCash’s foothold on the digital stage. While we already dominate rail bookings, our focus on air and hotel bookings will drive growth in the next two fiscal for ItzCash. We aim to address the problem faced by a large section of society, which is unaware of doing advance hotel booking at an affordable rate. Travel and hotel bookings account for 12-15 per cent of ItzCash’s business and with this association, it is going to be the fastest growing sector for us. It is expected to grow at 60 per cent year-on-year.”