June 08, 2016: OYO Rooms, Budget hotel aggregator has partnered with multi service payment solutions company ItzCash, to tap the next 500 million underserved Indian consumer segments. The tie-up through ItzCash’s money transfer solutions will facilitate effortless payments for hotel-bookings across 5500 hotels in over 170 cities in India . 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.
Ritesh Agarwal, CEO & Founder, OYO said, “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.”
Travel & Hotel bookings account for 12 – 15 % of ItzCash business and is expected to grow at 60% year-on-year.
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.”
With a customer base of more than 40 million, OYO Rooms has crossed Rs 50,000 crore worth of cumulative gross payment volume for all bill payments for the period 2006 to 2016.