Singapore-based hospitality management booking platform RedDoorz has raised US$45 million in a Series B round led by Chinese venture capital firm, Qiming Venture Partners.
Other co-investors include Indonesia-based media company MNC Group, as well as existing investors Jungle Ventures, Hendale Capital, International Finance Corporation and Susquehanna International Group.
RedDoorz said it will use the funds to aggressively pursue growth strategies and increase its lead in South-east Asia’s hospitality segment.
Amit Saberwal, founder and CEO of RedDoorz, said: “Our growth in 2018-2019 has been exponential. It has been such an important period for us as we were able to set the pace and establish new industry benchmarks in the affordable hospitality segment in South-east Asia.”
Helen Wong, a partner at Qiming Venture Partners, said: “We have seen the trend of budget hotel chains in China about 15 years ago, and believe that standardised accommodation at affordable prices will appeal to consumers and business travellers in South-east Asia too. As online penetration of the travel industry grows, RedDoorz will be a key beneficiary with the most extensive network of hotels in the region.”
RedDoorz recently announced that it is on track to achieve one million occupied room nights per month by year-end. As of July 2019, RedDoorz is growing five times year on year and it has reached 500,000 occupied room nights, said the start-up.
The start-up currently has operations across more than 80 cities in four countries in the region, namely, Singapore, Indonesia, the Philippines and Vietnam. It operates more than 1,200 budget hotels and properties.