Chennai based online hotel booking portal StayZilla has raised funding from Indian Angel Network. Financial details of the transaction were not disclosed.
Stayzilla was started in 2005 by Yogendra Vasupal as Inasra Technologies and rebranded in 2010 as Stayzilla. Stayzilla focuses on tier II towns and ensures that travellers can easily search and locate thousands of budget hotels across India, many of whom are not online. It has 3,800 hotels, lodges and even boathouses in its network.
The Foreign Investment Promotion Board (FIPB) green-signals broking firm Sharekhan Ltd.’s proposal to sell 100 per cent stake to BNP Paribas after many deferrals. This move will allow the former to entice foreign investment of worth Rs 2,060 crore. Currently, this procedure falls under FDI policy that means, a foreign investor can have up to 100 percent stake in a stockbroking firm only under the automatic route.