Chennai, India - October 3, 2013: Matrix Partners India today announced that it has acquired a significant minority stake in Stayzilla.com, 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.
“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 15,000 hotels and enhance our customer service operations. We are confident that with IAN and Matrix, we have a winning combination of investors and guides.” said Yogi Vasupal, co–founder and CEO of Stayzilla.com.
About Inasra Technologies Private Limited:
Stayzilla comes from the house of Inasra Technologies. Incorporated in August 2005, Inasra is a Private Limited Company focused on providing the best of travel-related-stay options to business and leisure tourists. With a network of over 6,000 hotels in 750+ cities, Inasra has built technology and customer service processes that ensure customers never face any glitches or surprises even in the smallest of hotels and towns. Inasra has been recognized as one of the Top 6 Internet start-ups by India's premier start-up showcase event, Proto and as one of the ‘Hottest Top 30 Start-ups' by Tata Nen. Further information is available at www.stayzilla.com
About Indian Angel Network:
Indian Angel Network is India’s only national, nimble and Asia’s largest business angel investors network of nearly 250 business angels investing in start-ups and early stage ventures. Built "By Entrepreneurs, For Entrepreneurs", entrepreneurs can gain access to the vast business network of IAN's influential members, strategic direction and operational guidance apart from financial investment which is critical for creating large, valuable companies. Indian Angel Network has funded over 50 start-ups across multiple sectors like IT, Mobile, Healthcare, Education and Hospitality across India and overseas and has made several successful exits. In 2012 alone, IAN invested over US$ 11 million in 17 start-ups making it almost a deal every 3 weeks. In 2013, IAN has already invested in 7 start-ups including an impact investment in a socially relevant venture and has provided some brilliant exits to its investor base – like 22 times in 5 years, over 6 times in 15 months of investment, etc. Further information is available at www.indianangelnetwork.com
About Matrix Partners India:
Matrix Partners India is an investment firm with INR 3,000 crore under management. The firm 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. The firm has invested in several market leading companies including Quikr (online classifieds), Limeroad (social shopping for women), Ver Se (mobile utilitarian applications), U2opia (social mobile apps), Twist Mobile (mobile games), Centre for Sight (eye care chain), Cloudnine (maternity and infant care chain), Mewar Ortho (orthopaedic care chain) and TreeHouse Education (preschools) among others. Matrix Partners has a global network of funds investing in the US, China and India with US $3 billion under management. Further information is available at www.matrixpartners.in