Economy and Business

It may get worse before it gets better for Indian start-ups

Apart from the Stayzilla shutdown, events in the first three months of 2017 underline that what started as a correction in late 2015 is starting to veer dangerously close to a crisis
 
Mar 18, 2017
The arrest of Chennai-based budget stays aggregator Stayzilla co-founder Yogendra Vasupal comes in the wake of Stayzilla, backed by front-line venture capital firms Matrix Partners India and Nexus Venture Partners, recently shuttering its operations in a bid to pivot to a more viable business model.
By most accounts, Yogendra Vasupal, co-founder and chief executive officer of Chennai-based budget stays aggregator Stayzilla, is a decent human being and the least likely of people in India’s bustling start-up market to cheat anybody.
Yet, on Tuesday, Vasupal was arrested by local authorities in Chennai on charges of defrauding one of the company’s vendors, an advertising agency called Jigsaw Advertising. The arrest comes in the wake of Stayzilla, backed by front-line venture capital firms Matrix Partners India and Nexus Venture Partners, recently shuttering its operations in a bid to pivot to a more viable business model.
 
Read more at :- http://www.livemint.com/Opinion/R5ggymYBFJwJczJT1Wl9hO/It-may-get-worse-before-it-gets-better-for-Indian-startups.html
 
Livemint, March 18, 2017

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