The Madras High Court today granted anticipatory bail to online home stay aggregator Stayzilla's co-promoter Sachit Singhi in a case lodged against him allegedly for duping an advertising firm of Rs 1.68 crore.
On February 23, Yogendra Vasupal announced that StayZilla is going to halt its operations in its current form and will go with a reboot with a different business model
There's no respite for Stayzilla's founder and CEO Yogendra Vasupal. The Principal Sessions Court has rejected his bail plea. Vasupal was arrested on March 14 following a complaint by Jigsaw Advertising.
The letter is supported by Paytm CEO Vijay Shekhar Sharma, Ola CEO Bhavish Aggarwal, former Infosys Chief Financial Officer Mohandas Pai among others.
The Founder and CEO of the now shut Chennai-based startup Stayzilla has been remanded to police custody on complaint of non-payment of dues by vendors. India’s startup community including investors and CEOs have come forward in support of the startup CEO on social media.
OYO Rooms may have taken pole position in the hotels aggregation space, but Bangalore-based Stayzilla is not worried. Stayzilla says its strategy is to turn profitable within two years by deepening its focus in the homestay segment, report CNBC-TV18's Adith Charlie and Arundathi Ramanan.