India’s largest online homestay network Satyzilla shuts down its operations. The CEO of the company Yogendra Vasupal admitted about the closing of the company and also added that he will reboot it with another business model.
Yogendra in his official blog wrote: “We bring the operations to a halt and looking to reboot it with different business model. The hardest part is to bid goodbye to a perfect team that has accomplished a lot by putting Homestays on the map of India.”
He also shared his experiences saying: “The initial seven years we experienced negative working capital and positive cash flow. But in the last 3 to 4 years, I honestly admit that I have lost my path.”
Well, this might be probably the first time an Indian entrepreneur honestly admits the failure of his Startup. And that too after a day when he spoke about the layoff to his employees.
Mr.Vasupal made it clear that all the bookings within 28th February 2017, will be honored and the bookings made after this date will be canceled with 100% refund to the guests.
Stayzilla had a tough fight from its competitors like MakeMyTrip, Yatra.com, Goibibo and OYO rooms to name a few.
Stayzilla had more than 55000 stay options across 4000 towns in India. The platform caters to both travelers as well as homeowners who are looking for unique and differentiated stay experiences.