Nexus Capital, Matrix Partners invest $20 million in Stayzilla

BENGALURU: Online accommodation portal Stayzilla has raised about Rs 124 crore ($20 million) led by Nexus Venture Partners with participation from existing investors Matrix Partners.

The funds will be used primarily to expand the niche alternative-stays market in India that largely include lodges, cottages, homestays, unstructured ones like secondary homes turned serviced apartments and bed and breakfasts, among others.

“We have seen a lot of interest in the alternate-stay market,“ said Yogendra Vasupal, Founder and CEO of the Chennaibased startup, that has seen a massive jump in the demand and has property sites listed across 1,200 cities and 4,000 towns across India.

The investment is to predominantly provide visibility to this market in new towns. The company claims that it now offers 23,000 listed properties, of which around 9,200 are alternate-stay properties.

“Stayzilla is leading the alternative-stay revolution in India, creating for the first time, a marketplace for all kinds of accommodation options,“ said Anup Gupta, managing director at Nexus Venture Partners.

The marketplace, owned and operated by Inasra Technologies, previously received first round funding led by Matrix partners and the Indian Angels Networks (IAN).