RedDoorz, which is one of the largest budget hotel chains in Southeast Asia, has raised around $11 million in its pre-Series B funding round. The funding comes from its existing investors Asia Investment Fund of Susquehanna International Group, International Finance Corporation, InnoVen Capital and Jungle Ventures.
Along with the existing investor, new investors have also come on-board, which includes DeepSky Capital, FengHe Group, and Hendale Capital, among others. The funding will be used by the company to expand its presence across Southeast Asia and further strengthen its position.
Commenting on the growth of the company, Amit Saberwal, Founder & CEO, RedDoorz says,
The scale of the Southeast Asia opportunity is mind-boggling. A lot of people don’t know that. Our aim has always been to tap into Southeast Asia’s $52-billion travel market, which is largely comprised of budget hotels rated three stars or below. We target to go up the value chain and offer the best predictable stay experience for our users across the region.
The company was founded in 2015 by former MakeMyTrip executives. In just three years of its existence, the startup has over 500 properties that service over seven lakh occupied rooms in Southeast Asia.
Currently, it is operating in Singapore, Indonesia, and the Philippines. In Indonesia, the brand is present in 16 cities, with over 3,000 hotel rooms on its platform.
The startup follows the asset-light model and provides budget accommodation and service offering for hotels, resorts, inns, serviced apartments, B&Bs, and guesthouses. It provides budget accommodation owners access to expert advice and assistance to standardize their offering and directly distribute online through its technology platform.
The company recently launched its first fully-leased and operated hotel property in Singapore. The 65-room property near Marine Parade will be completely operated and run by RedDoorz.