Stayzilla.com, an Indian hotel booking site, has raised its first institutional round (Series A) of equity funding of undisclosed amount from Matrix Partners India. The funding will be used by Stayzilla in expanding its hotel networks in India to 15,000, increase of team size and customer experience.
Earlier in March this year Stayzilla received $0.5 million USD from Indian Angel Network, StayZilla.com has managed to made a revenue of 2.5 crores INR in the last financial year of 2011-2012. The company behind Stayzilla that operates it is Chennai-based Inasra Technologies Pvt Ltd.
Stayzilla claims to be largest online hotel booking portal in India with network of over 6378 hotels in 785 cities and hotel reservations in 4 clicks.
The online hotel booking industry in India has ramped up significantly from last few years and it is expected that 40% of all hotel bookings in India will be done online within the next 5 years.
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.
Matrix Partners has also invested in several market leading companies including Quikr.com, 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.
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