Oyo inks with ItzCash

NEW DELHI: Gurgaon-based Oyo joined hands  with ItzCash 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, “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”

Naveen Surya, Managing Director – ItzCash said, ‘’ 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.