20/02/2015 7:55 PM IST | Updated 15/07/2016 8:25 AM IST Raises $20 Million In Series B Funding

Mumbai— Travel-related online service provider today said it has raised USD 20 million in series B funding led by Nexus Capital and existing investor Matrix Partners.

The funds will be used to expand to new cities, develop a stronger brand platform and work with accommodation owners like hotels, homestays, guest houses, resorts, bed and breakfast, jungle lodges, boat houses, paying guests, to accelerate growth, the company said in a statement.

"We have achieved tremendous growth over the past year and this investment will help us expand exponentially and tap newer destinations to reach 8,000 towns and 50,000 accommodations by the end of the year," founder and chief executive Yogendra Vasupal said.

Commenting on the investment, Nexus Venture Partners managing director Anup Gupta said, "The increasing penetration of the Internet and smartphones have created the need for a platform that aggregates the entire range of accommodations options. We are very impressed with Stayzilla's innovative end-to-end solutions to address the reality of low technology adoption among suppliers."