Based in Singapore, hotel management and booking platform RedDoorz announced on July 29, 2019 that it successfully raised US$45 million in a Series B round. The new round of funding includes new investors such as Media Nusantara Citra Group, the leading media company in Indonesia.
“RedDoorz has a scalable business model and a practical solution for the fast-growing online travel booking Industry, especially in South East Asia,” the MNC Group president director David Fernando Audy continued. “We will support RedDoorz to grow the brand in Indonesia and overseas.”
Founded by Indonesian billionaire businessman and politician Hary Tanoesoedibjo in 1997, MNC is owned by Global Mediacom, which is owned by MNC Corporation. In 2011, a 7.5 percent stake was acquired by Saban Capital Group, an investment company based in Los Angeles, California, United States.
On the new strategic partnership and investment with RedDoorz, Audy said that they are delighted to have the opportunity to participate in this funding round. The MNC Group president noted, “We believe the company’s track record in the online accommodation booking and hotel management is a brilliant solution for the independent hotel owners across Indonesia and provides great value for mass market nationwide customers.”
Operating over 1,200 budget hotels and properties, RedDoorz has operations across more than 80 cities in four countries in Southeast Asia, namely Singapore, Indonesia, the Philippines and Vietnam. The Singapore-based startup intends to use the new amounts to aggressively pursue growth strategies and further increase its lead in the region’s hospitality segment.
The new round of funding is led by Chinese venture capital firm Qiming Venture Partners alongside Jungle Ventures and its network of limited partners. RedDoorz also saw continued support from Susquehanna International Group, Hendale Capital, International Finance Corporation and others.
“Our growth in 2018-2019 has been exponential,” RedDoorz founder and CEO Amit Saberwal said. “It has been such an important period for us as we were able to set the pace and establish new industry benchmarks in the affordable hospitality segment in Southeast Asia. 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.”
Recently, RedDoorz announced that it is on track to achieve one million occupied room nights per month by year-end. As of July 2019, the startup is growing five times year-on-year and it has already reached 500,000 occupied room nights, an industry-first in Southeast Asia’s travel and hospitality category.
Meanwhile, here is travel video from RedDoorz featuring Jakarta, Indonesia: