A new round of funding by the investors
RedDoorz, the Singaporean hospitality firm has able to secure investment of 45 million dollars in a Series B round of funding. It will help the company to expand its tech-based hospitality brand in Southeast Asia.
The major funding was done by Qiming Ventures of China, who has joined hands with Jungle Ventures and its network partners. This round also saw MNC group which is the new investor and Hendale Capital, International Finance Corporation, Susquehanna and many others who are linked to the company previously.
The aim of Red Doorz is to get around 1 million occupied room nights per month at the end of 2019. The development pace is pretty healthy as it has grown five times through the years.
This investment will decide the future roadmap
The Founder and CEO of RedDoorz, Amit Saberwal said, “Our growth in 2018-2019 has been exponential. We are still deeply committed to our vision of empowering the local hospitality owners and connecting them with a growing base of customers who are using our platform to discover new destinations and travel more. The journey is just beginning for us and we are very excited about becoming the go-to choice for quality, predictable and standardized accommodation in the region.”
Started in 2015, RedDoorz has spread over 80cities of Singapore, Indonesia, Vietnam, and the Philippines. It is now managing 1200 budget hotels and properties.
Helen Wong, a partner of Qiming Ventures Partners told that the success of standardized accommodation at reasonable prices in China was a good trend 15years ago and the same model can be implemented in Southeast Asia to attract the customers.
The Red Doorz is in a good place to take advantage of the technologically driven era of business. It will help the company to provide the best in the business service to the customer through the use of the technology available.