Stayzilla founder moves bail petition

Legal sources said the matter is posted for objections on Monday

A day after the police has submitted its report to the Court, Yogendra Vasupal, founder of online accomodation and stays aggregator Stayzilla, has moved his plea for bail.

Confirming that the bail petition has been moved today, legal sources said that it will be posted for objections on Monday and after hearing, the orders will be issued.

Vasupal was arrested by the police in Chennai on March 14 forenoon, on a complaint by an advertising firm Jigsaw Solutions, for allegedly cheating them for around Rs 1.5 crore and alleged criminal breach of trust and criminal intimidation. Sachit Singhi, one of the three founders, on Tuesday evening wrote an e-mail to the investors that Vasupal is missing and was last seen in a police station. Various entrepreneurs running startups and investors extended their support to Vasupal following this.

StayZilla decided to halt operations in February and said it was looking at a different business model. "This has been one of the toughest decisions I have taken so far but it is the right thing to do. The hardest part is saying goodbye to a perfect team that has accomplished a lot by putting homestays on the map of India," Vasupal said in a blog post last month.

The company has raised $34 million in four funding rounds from Nexus Venture Partners and Matrix Partners, among others.