Stayzilla founder says will clear name on Jigsaw charge

Jigsaw Advertising and Solutions complained that dues of Rs 1.69 cr were not being paid by Stayzilla

Stayzilla founder Yogendra Vasupal, arrested last month on a charge of cheating filed by an earlier client company, says he's contemplating what next to do to clear his company of the allegedly false allegations.

Jigsaw Advertising and Solutions had complained that dues of Rs 1.69 crore were not being paid by Stayzilla, the accommodation bookings marketplace which had earlier suspended its operations.

Vasupal says his investors offered to settle the disputed amount with Jigsaw while he was in jail but he'd declined to settle, though cash was never a constraint.

In a thank you note by the start-up founder, published in online publishing platform Medium, he's emphasized that the charges are all false. "My tip to all entrepreneurs in TN -- carry your favorite toothbrush with you at all times, as you never know when you might wake up in prison the next day!" he's said.

Adding: "Looking at me in prison, myiInvestors offered to settle the amount to help me. They had even come to meet me there, just to be sure that I got the message that they were willing to help fund the payment. I told them that I will be remiss in my duty if I pay up now, with a gun to my head. It's a matter of principle for me that I don't negotiate with people who show bad faith."

"I am still reeling from all the false personal accusations of siphoning, harassing a women entrepreneur and cheating that were launched on me and Sachit (co-founder), in a synchronised manner across various media outlets. I am truly grateful for all the support from people like you who could see through the falsity?...I am contemplating my next steps to clear our names completely."

His amil goes into some details on his won charges against Jigsaw and his explanation for the turn of events. Including his relationship with Adita CS, the head of Jigsaw.

Various sectoral entities had earlier united behind Vasupal and sought intervention of the government for his release. S Gopalakrishnan, head of the Start-Up Council at Buisness chamber CII, and Ravi Gururaj, executive council member at the software sectro's apex association, Nasscom, have said the spisode has showed the urgent need for guidelines on business closures. A little over 1,000 entrepreneurs (including former Infosys board member Mohandas Pai, Paytm founder Vijay Shekhar Sharma and Ola Cabs co-founder Bhavish Aggarwal) had in a joint letter to the Union home ninister protested at the manner of Vasupal's arrest and the way he was treated by probe agencies in Chennai.

Stayzilla had decided to halt operations in February, saying it was looking at a different business model.