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2014-09-16

Stayzilla to secure around $15 million-$25 million institutional funds

The Chennai-based company had also raised seed funding of $500,000 from the Indian Angel Network in March 2012.

Inasra Technologies, which owns and operates hotel booking website Stayzilla.com has announced to raise its second round of institutional funding, estimated at between $15 million to $25 million (Rs 92-152 crore), as reported by Economic Times.
 
 
The Chennai-based company had also raised seed funding of $500,000 from the Indian Angel Network in March 2012. Sources indicated that Stayzilla could dilute 15-20 per cent stake in this round of financing.
 
 
"We don't have an urgency to raise funds. The only thing that is driving interest in raising capital is that by December, we could be doing 3,000-5,000 room nights a day in a market, where we can target 50,000 nights in two years," Yogendra Vasupal, founder and CEO, Stayzilla told ET.
 
 
Increasing usage of smartphone, rising internet penetration have forced the travel ticketing business to move online. Industry estimates suggest that less than 2% of the accommodation in the value and budget segment is booked online.
 
 
This is luring investors back into India's online travel ventures, which were responsible for kicking off the country's e-commerce boom, after a few lacklustre years due to sluggish macroeconomic conditions and headwinds faced by the country's airline industry.
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