Matrix backs hotel reservation site Stayzilla.com
Matrix Partners India has acquired a significant minority stake in Stayzilla.com, a site which allows users to research and reserve hotels at discounted rates in more than 750 Indian cities. The financial details of the deal, in which Matrix was the sole investor, were not disclosed.
Previously known as Inasra.com, Stayzilla differs from other travel booking sites in that it focuses just on hotels. The platform claims its main advantage is the size of its network, which offers a selection of over 6,000 hotels - many offering last minute deals or special rates.
"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," said Avnish Bajaj, co-founder and managing director of Matrix India in a statement.
The company had raised $500,000 from Indian Angel Network (IAN) in March last year. This latest round of investment will be used by the company to increase its network to over 15,000 hotels and enhance its customer service operations.
"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." said Yogi Vasupal, co-founder and CEO of Stayzilla.com.
Matrix makes early- and growth-stage investments of up to $30 million in India, targeting domestic companies in areas such as digital, mobile, education, financial services, healthcare and infrastructure. The firm currently has INR30 billion under management. Previous investments include online classifieds site Quikr, social shopping site Limeroad and mobile app developer U2opia.
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