- Southeast Asia based hotel brand platform RedDoorz announced it raised $70 million in funding. Including this round, the company has raised $140 million.
RedDoorz — a Southeast Asia based hotel brand platform — announced it raised $70 million in a new round of funding led by Asia Partners Fund Management and is joined by new investors Rakuten Capital and Mirae Asset-Naver Asia Growth Fund. This funding round happened quickly after RedDoorz raised $45 million last month led by Qiming Venture Partners. Including this round of funding, RedDoorz has raised $140 million since launching in 2015.
RedDoorz competes intensely against Oyo. Oyo is spending $100 million in Indonesia and $50 million in Vietnam. RedDoorz is based in Singapore and has operations in more than 80 cities in Southeast Asia. Currently, RedDoorz runs more than 1,200 budget hotels and properties.
This round of funding will be used to set up an engineering hub in Vietnam to support its regional technology hub in India. And RedDoorz is also going to hire more hotel staff members and set up additional quality training.
“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 RedDoorz CEO and founder Amit Saberwal. “We believe we are on the right track to create the next tech unicorn in Southeast Asia and with the backing of our new investors, who bring deep expertise building large successful tech and digital businesses in our region, we are well-positioned to fully execute on our strategy and mission.”
Prior to launching RedDoorz, Saberwal was the Chief Business Officer of Hotels and International Markets at India-based MakeMyTrip.com and a Director at Hoteltravel.com. RedDoorz’s executive team also includes CTO Kunwar Asheesh Saxena, COO Rishabh Singhi, and CCO Marshall Silver.
Asia Partners is a Singapore growth equity. And Skift pointed out that two of Asia Partners’ founders were involved in two of the largest exits in Asia history including the IPO for Sea and the acquisition of Flipkart by Walmart.
“Our mission is to help build and mentor Southeast Asia’s next generation of tech unicorns. Our team has a unique combination of investing and operating skills to help companies such as RedDoorz become true market leaders. We have every confidence in the team’s ability to capture the enormous opportunity which exists in the affordable travel segment,” added Asia Partners co-founders and partners Nick Nash and Oliver Rippel in a statement.