Get All Access for $5/mo

Hospitality Startup & OYO's South-East Asian Twin, RedDoorz Raises US$70 Mn from Asia Partners & Others The investment was led by Asia Partners, Rakuten Capital and Mirae Asset Naver Asia Growth Fund, existing investors including Qiming Venture Partners and International Financial Corporation (IFC) also participated in the round

By Bhavya Kaushal

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Shutterstock.com

Singapore-based budget hotel accommodation startup, RedDoorz, raised US$70 million in its Series C round of funding, the company announced.

The investment was led by Asia Partners, Rakuten Capital and Mirae Asset Naver Asia Growth Fund. Existing investors including Qiming Venture Partners and International Financial Corporation (IFC) also participated in the round.

"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," said Amit Saberwal, founder and chief executive of RedDoorz, in a statement. He also added that they are on the right track to create the next tech unicorn in Southeast Asia.

The company will use the fresh funds to launch in new markets, boost hotel staff training programmes and build a technology hub in Vietnam.

Founded in 2015 by former MakyMyTrip executives, Amit Saberwal and Kunwar Asheesh Saxena, RedDoorz, has a similar business model as the famous hospitality unicorn startup, OYO, which is backed by SoftBank. RedDoorz partners with hotel owners to provide accommodation to consumers backed with technology. It claims to have 1000 properties across South East Asia including in Singapore, Jakarta, Bali, Philippines etc. The unicorn which is yet to enter into the Indian market raised US$45 million in Series B round of funding in July. Till date, it has raised US$140 million in equity financing.

Apart from OYO, its major competitor in the Asia-Pacific region is Rocket Internet-backed and Indonesia-based Zen Rooms.

According to Phocuswright Asia Pacific is the world's largest travel market, projected to grow to USD $500 billion in 2021. A major chunk of the revenue coming in is because of the digitization of travel services which is a key factor is attracting travel and tourism.

Bhavya Kaushal

Former Features Writer

I am a work-in-progress writer and human being. An English graduate from Delhi University, writing is my passion and currently, I was Entrepreneur India's start-up reporter. I love covering start-ups and weaving their stories into unforgettable tales with the power of ink! 
News and Trends

Former Cleartrip CEO Ayyappan R Eyes Quick Commerce with FirstClub

After stepping down as Cleartrip's CEO earlier this year, Ayyappan brings his expertise from leading positions at Flipkart, including his role as chief business officer at Myntra.

News and Trends

AWE Funds to Scale Women-Led ClimateTech Initiatives with CGEF Grant

The grant will empower AWE Funds to expand initiatives, invest in women-led climate companies, enhance accelerator programs, and launch a fellowship nurturing young women professionals in climate and sustainability.

Business News

These Companies Offer the Best Work-Life Balance, According to Employees

The ranking is based on Glassdoor ratings and reviews.

Growth Strategies

Amazon To Improve Services In Tier II, III Cities: Samir Kumar, Country Manager

The bigger share of our business is coming from Tier II,III and beyond, says Samir Kumar, country manager, Amazon India

News and Trends

India's Data Center Capacity to Reach 2,070 MW by End of 2025: CBRE

Cumulative investment commitments in the data center sector in India to cross USD 100 billion by 2027. Mumbai, Chennai, and Delhi-NCR to lead data center supply addition