RedDoorz, a Singapore-based leading hospitality startup, raised over US$45 million in its Series B round of funding to “aggressively” pursue its growth across Southeast Asia.
Qiming Venture Partners led the said raise of funds with great supports from the Jungle Ventures and its network of limited partners. It was as well backed by the current investors of the company, MNC Group, an Indonesian media company, so with Hendale Capital, International Finance Corporation, and Susquehanna International Group.
The company will use the said raised funds to push through its strategies of accepting competitions from its competitors in the region. This move allows RedDoorz to compete with the well-funded OYO, which is known to be backed by big supports like SoftBank. OYO that is founded in India had made its way expanding in Malaysia, Indonesia, and the Philippines. According to its plans, it will expand in to 100 cities of Indonesia by the end of 2019. The company will as well invest US$100 million for their regional operations in provision for the next five years.
RedDoorz claims to be the Southeast Asia’s largest and fastest growing technology-driven hotel management & booking platform. It counts to have more than 1000 properties across South East Asia. Establishing a great image by helping and enabling people to travel more, provide an affordable and reliable stay.
RedDoorz promotes an ecosystem that benefits both travellers and partners by letting their business partners grow by giving offering services at its finest. The company paved its way and was launched in 2015. Its properties are servicing in over 80 cities across Singapore, Indonesia, the Philippines, and Vietnam. It aims to hit a 1 million occupied room per month by the end of 2019. To justify this aim, the company has already hit 500,000 on July.
Not just a million of occupied room per month but, previously RedDoorz announced that it wanted to raise US$50 million in the series B round. This goal is mainly to boost its tech product team and to work on expanding its “deeper features” like an AI-based pricing algorithm.