RedDoorz, a hotel booking startup based in Singapore, is small as compared to fellow hotel booking giant Oyo. But the startup is progressing and gaining trust of increasing number of investors.
The startup, established four years ago, announced that it raised approximately $70 million from a Series C investment round, merely five months after closing its Series B funding round at $45 million. The latest, still ongoing, round is led by Asia Partners with new investors Mirae Asset-Naver Asia Growth Fund as well as Rakuten Capital also taking part in this funding round.
The startup has raised $140 million till date from various investors. Amit Saberwal, CEO and founder of RedDoorz stated that the company is witnessing a tremendous interest in terms of investment, so it decided to conduct back-to-back funding rounds.
Regardless, the newly raised capital would help RedDoorz compete with Softbank-backed Oyo. Oyo is readily expanding into newer markets and is presently operating in more than 80 countries.
RedDoorz is presently active in 80 cities across Vietnam, Singapore, the Philippines and Indonesia. The company plans to expand in its existing markets from the newly raised capital as stated by Saberwal. Saberwal further added that company has no plans to grow outside of these 4 markets for the next one year.
RedDoorz runs a marketplace consisting of three-star, two-star, and lower budget hotels, giving access to people of rooms at optimum prices. Presently, RedDoorz includes 1,400 hotels for its users, and the startup is aiming to reach up to 2,000 by the year-end.
The new capital raised will also be used in widening RedDoorz’s tech infrastructure as it would construct its second engineering hub in Vietnam. Presently, the regional tech hub of RedDoorz is in India.
Source Credit:
https://techcrunch.com/2019/08/18/reddoorz-seriesc/