Matrix Partners India today announced that it has acquired a significant minority stake in Inasra Technologies Private Limited, the parent company of Stayzilla.com
Matrix Partners India today announced that it has acquired a significant minority stake in Inasra Technologies Private Limited, the parent company of Stayzilla.com.
The acquisition has been made as the sole investor in the first institutional round of equity funding for the Company. Stayzilla.com operates an online platform to research and reserve “value hotels” in more than 750 cities across India.
Yogi Vasupal, co–founder and CEO of Stayzilla.com sai that, “The online hotel booking industry has been at a nascent stage for the last few years. It is now at an inflection point and I expect 40% of all hotel bookings in India to be done online within the next 5 years. The capital raised will be used to strengthen the team, increase our network to over 15000 hotels and enhance our customer service operations. We are confident that with IAN and Matrix, we have a winning combination of investors and guides.”
Amitabh Shrivastava, Lead Investor – IAN, added “Yogi represents the classic entrepreneur leader – one with passion, domain understanding and a high focus on execution. He, together with his co-founding team has leveraged both the mentoring and networks of IAN and scaled the company in a very short time to bring in value added investors like Matrix.”
“Stayzilla operates at the intersection of two important trends – increasing penetration of hotel bookings online by consumers and increasing number of hotels from Tier 2/3 cities coming online (majority first on Stayzilla). It is our privilege to be associated with Yogi Vasupal, Sachit Singhi and Rupal Yogendra, the co-founders of Stayzilla.com, who have built a unique model to best serve the customers and the hotel operators and scale this marketplace.” said Avnish Bajaj, Managing Director, Matrix India.
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