StayZilla Raises Funding From IAN
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.
Others operating in this space include Desiya and Magic Rooms.
MagicRooms was founded by Niranjan Gupta in 2009. It managed to R7Cr from Nexus Venture Partners in 2010. The company was acquired by Yatra Online in July last year.
Desiya was earlier acquired by another hotel aggregator TravelGuru, which was eventually acquired by online travel agency, Travelocity.
The Indian Angel Network has over 180 members and has over 25 investments across multiple sectors like IT, Mobile and Education and has made several successful exits. In 2011 alone, IAN invested nearly US$10Mn in 10 start ups including Jigsee, Groffr, and Vayavya.
Last month, Rajan Anandan and Rehan Yar Khan invested in Chennai based online accounting startup - ReachAccountant. Indian Angel Network also invested about $1Mn in gaming startup Gamiana Digital Entertainment Pvt Ltd. In January, it announced a R3.25Cr investment in Peel-Works, a cloud enabled sales force transformation and BPO firm.
The 2011 saw three of IAN portfolio companies - Kwench Library Solutions, Druva and TaxSpanner -- being chosen among the hottest start ups of 2011 by BusinessWorld and Business Today magazines.
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Matrix Partners India Investment Holdings LLC
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|Inasra Technologies Private Limited||Yogendra Vasupal||No:2, 4th floor, Rams Swathi Towers, Durgabai Deshmukh Road, R. A. Puram||http://www.stayzilla.com|
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