RedDoorz secures $70 mn funding to expand its budget hotel network in Southeast Asia
RedDoorz, hotel management and booking platform, has secured $70 million in its latest round of funding led by a Singapore-based growth equity firm, Asia Partners.
The round has been joined by Rakuten Capital and Mirae Asset-Naver Asia Growth Fund. The existing investors of the company, including Qiming Venture Partners and International Finance Corporation (IFC), also participated in the round.
The fresh funds will be used by the company to launch in new markets and scale technology, customer experience projects, people and marketing investments to further boost its leadership position in the Southeast Asia region.
Amit Saberwal, Founder and Chief Executive, RedDoorz, said, “We are thrilled to welcome a new group of seasoned investors joining us in our mission to build the leading tech-enabled affordable travel brand in Southeast Asia. RedDoorz operates in some of the most dynamic markets in the world and we see tremendous opportunities to continue growing our platform and expanding into new markets.”
“We believe we are on the right track to create the next tech unicorn in Southeast Asia,” he added.
RedDoorz ties up with budget hotel owners, providing them technology software and standardised supplies. The company also trains their staff on hospitality etiquettes. It splits the revenue generated with the hotel owner.