Investment firm Matrix Partners India has recently invested in a Hotel booking site Stayzilla and has acquired a significant minority stake in it, as the sole investor in the first institutional round of equity funding for the Company.
This would be the second time when Stayzilla has raised funds, previously it had raised USD 500,000 from the Indian Angel Network in March, 2012.
Stayzilla.com operates as an online platform to research and reserve hotels in more than 750 cities across India ranging from with per night rates ranging from INR 250 to INR 60, 000. The website claims to reach to hotels located in the remotest of zillas in the country. It allows users to filter hotels based on budget, amenities & cuisine and even sort the filtered result based on price, star and more.
As per Yogi Vasupal, co–founder and CEO of Stayzilla.com the online hotel booking industry has been at a nascent stage for the last few years, is now at an inflection point. “I expect 40% of all hotel bookings in India to be done online within the next 5 years” he added.
The fresh round of funding will be used by the company to strengthen the team, increase network to over 15,000 hotels and enhance its customer service operations.
Stayzilla is owned by Inasra Technologies which was incorporated in August 2005.
Inasra is a Private Limited Company focused on providing travel-related-stay options to business and leisure tourists.
Matrix Partners India is an investment firm with INR 3,000 crore under management. It invests in companies targeting the Indian consumer market at the seed, early and early growth stages with initial investments ranging from INR 1 crore to INR 75 crore. It has also invested in Quikr, Limeroad, U2opia among others.
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