Stayzilla has signed MoUs with five state governments with more underway to promote homestays. It has more than 55,000 stay options across 4,500 towns in the country.
Inasra Technologies, which operates home and hotel aggregator Stayzilla, on Tuesday reported a more than four-fold jump in its losses at R95 crore for the year ended March 31, 2016, from R19.62 crore a year ago, according to the company’s filing with the Registrar of Companies (RoC). The company also reported a three-fold jump in its total revenue to R13.8 crore from R4.21 crore in the previous year, according to the RoC filing.
During the period, Stayzilla launched its alternative stays segment to expand its offering beyond hotel stays. The company is betting heavily on the segment to improve its revenues. Stayzilla’s mobile application allows home owners to choose a guest and they can book for an alternative stay instead of a hotel. The ticket size for alternative stay ranges from R1,000–1,500.
“Stayzilla has signed MoUs with five state governments with more underway to promote homestays. It has more than 55,000 stay options across 4,500 towns in the country. The platform caters to both homeowners and travellers looking for differentiated, unique stay experiences,” the company said in an e-mailed statement.
Founded in 2010 by Yogendra Vasupal, Sachit Singhi and Rupal Yogendra, the Chennai-based company counts OYO Rooms, Fab Hotels, Yatra, Airbnb and MakeMyTrip as its rivals in the industry.
Till date, Stayzilla has raised $34 million in funding. From November 2015 to March 2016, the company mopped up $13.5 million in three tranches in Series C funding from Matrix Partners India and Nexus Venture Partners.