In a recent event, OYO Rooms have partnered with ItzCash, a multi-service payment solution service provider so as to outreach 500 million domestic consumer segments. The partnership will help in enhancing effortless payment for hotel bookings across 5500 hotels in 170 cities in the country. ItzCash is seeking to increase hotel bookings with an aim to double up the quality and currency by 400 crores INR till FY 17-18. The sole motto of the partnership is to target that audience or customers who book hotels but do not have access to debit and credit cards. ItzCash, which is backed up by Lightspeed Ventures, will help such customer to go through ease processes.
The respective monetary deprived company well established in travelling sector which would further help OYO Rooms to get access to on-line co-branded portals as well as offline outlets. It offers travel booking service through its active network of 75,000 plus pan-India network of retail touch points. Also, it has synergized with IRCTC. Travel and Hotel reservations come as an account with an increase in 15% to 16% of business thus expecting a growth rate of close to 60% annually.
According to Ritiesh Agarwal, CEO and Founder OYO Rooms, 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.
On the other hand, Managing Director ItzCash, Naveen Surya opined that “With this integration, we aim further to strengthen ItzCash’s foothold on the digital stage. While we already dominate Rail bookings; our focus in the air and hotel bookings will drive the incremental growth in the next two fiscals for the company.” The respective company has a high goodwill of almost 40 million customer base. It has crossed gross amount of 50,000 crores INR giving net profit including cumulative total bill payment volume from the year 2006 to 2016 as ten long year tenure.