The tie-up intends to boost the company’s share in the travel segment, One 97 Communications said in a stock exchange filing on Monday.
Paytm’s market share among Online Travel Aggregators (OTAs) saw a substantial jump in the March quarter. Flight bookings on Paytm’s platform grew by about 19%, outpacing the industry’s overall growth rate of about 3%.
Additionally, there was a 15% year-on-year rise in international ticket bookings on the platform in April, positioning Paytm Travel as a preferred choice for travelers. The sharp growth was driven by the company’s new partnerships and the introduction of robust travel solutions.
In the train booking segment, Paytm has established itself as the second-largest OTA, enhancing the customer experience with new features such as guaranteed seat assistance and easy Tatkal bookings.
Paytm has expanded its international inventory by onboarding various airlines including Cambodia Angkor Air, SalamAir and FlyDubai. The integration of New Distribution Capability (NDC) with Amadeus, featuring Singapore Airlines and Qatar Airways, represents a significant milestone in this direction.
This AI-powered integration offers more tailored travel options and packages directly from airlines, enhancing the booking experience for customers. The launch of a free cancellation feature has also helped the company draw high adoption rates in trains and buses, followed by flights.
The platform now hosts new bus operators like Mettur, further expanding its service offerings “We are committed to expanding our travel business offerings and enhancing the overall customer experience. Our partnerships with global travel aggregators and leading airlines, combined with the integration of artificial intelligence, underscore our dedication to providing seamless, convenient, and competitive travel solutions,” Paytm’s spokesperson said.
Shares of Paytm are trading 0.8% higher at ₹414.45. The stock is down 35% so far in 2024.