RedDoorz, a Singapore-headquartered budget accommodation booking platform, is on a rapid funding spree. After securing US$11 million in pre-Series B funding, it is aiming for another US$50 million for its upcoming Series B round.
Its pre-Series B investors include Temasek Holding-backed InnoVen Capital, Jungle Ventures, and International Finance Corporation (IFC). The lead investor of RedDoorz’s imminent Series B fundraising round is likely to be Qiming Ventures, according to a DealStreetAsia report.
Amit Saberwal founded RedDoorz in 2015, when he set out to transform the hospitality industry in Southeast Asia and offer a uniform customer experience in the region. The company began by partnering with brick-and-mortar property owners, while providing an online platform, hotel staff training, and branding, enabling the owners to earn a stable income by providing hospitality services to tourists.
RedDoorz claims to have more than 700 low-cost properties in Indonesia, Singapore, the Philippines, and Vietnam on its platform. Last year, the company launched its first fully leased and operated hotel property in Singapore, as part of the firm’s long-term strategy. Investments from its aggressive fundraising will be channeled toward accelerating that plan as the company aims to have more than 2,000 properties across the four countries by end-2019.
Meanwhile, Indian hospitality startup OYO is looking to double down on its investment in Southeast Asia. Its founder & CEO Ritesh Agarwal told media outlet Skift of plans to have more than two million rooms in over 25,000 hotels in the region by 2023 as it pumps in US$200 million. It is also pouring US$800 million into upgrading its rooms in India and China.
Editor: Brady Ng