Yogendra Vasupal who is accused of Rs 1.72 Crore fraud by one of the company’s vendors, Jigsaw Advertising, an agency based in Chennai may have to stay behind the bars till Monday.
Founder of Stayzilla, Homestay and decor aggregator Yogendra Vasupal will have to spend a couple of nights more in the jail as the Court couldn’t hear his bail plea on Friday that was passed on Thursday. Since no action cannot be taken during the week, Yogendra Vasupal who is accused of Rs 1.72 Crore fraud by one of the company’s vendors, Jigsaw Advertising, an agency based in Chennai may have to stay behind the bars till Monday. Vasupal was arrested on Tuesday night but left a message on his blog before leaving. He wrote a blog which was titled, ‘Help! I need everybody….’. However, he has been allowed to meet his family members.
Vaspual’s arrest didn’t go well with other Startup founders who took to various social media platforms to protest against the decision. Flipkart founder Sachin Bansal said, “Let the law take its course, but intimidation of #stayzilla founders crosses a line. It is unhealthy for entrepreneurship in India.” A #SaveYogiSaveStartup campaign was also launched on Whatsapp by Yogendra Vasupal’s close friends and colleagues.
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Snapdeal founder Kunal Bahl also came out in his support and posted, “Many startup founders, including myself, have seen the ugliness of getting on the wrong side of people with bad intentions.” Since then a lot of people have come in support of Yogendra Vasupal on Twitter as well. Stayzilla was under crisis for some time now and matters became worse when an emergency email by a co-founder Sachit Singhi to investors Nexus Venture Partners and Matrix Partners went viral on social media. Afte this, Singhi revealed that he started getting death threats. Even a blog post written Vasupal stated that scary dolls were sent to Singhi’s home on 9th March.
After a continuous struggle, Stayzilla was forced to shut its operations in February this year. However, the company was one of the leading home-stay aggregators in India and received a funding of 34 million dollars in venture capital. Along with the financial dispute case, the founders of Stayzilla were also in trouble because of their relations with the landlord.