Hotel management and booking platform RedDoorz announced on July 29, 2019 the successful fundraise of US$45 million in a Series B round. The Singapore-based startup has operations across more than 80 cities in four countries in Southeast Asia, namely Singapore, Indonesia, the Philippines and Vietnam and operates more than 1,200 budget hotels and properties.
Led by Chinese venture capital firm Qiming Venture Partners alongside Jungle Ventures and its network of limited partners, the new round of funding includes new investors MNC Group, the leading media company in Indonesia, and saw continued support from Susquehanna International Group, Hendale Capital, International Finance Corporation and others. The company intends to use the new amounts to aggressively pursue growth strategies and further increase its lead in the region’s hospitality segment.
RedDoorz founder and CEO Amit Saberwal added that the journey is just beginning for the startup and they are very excited about becoming the go-to-choice for quality, predictable and standardized accommodations in Southeast Asia. About the new investment, Helen Wong, a partner with Qiming Venture Partners, said they have seen the trend of budget hotel chains in China about 15 years ago and they believe that standardized accommodation at affordable prices will also appeal to consumers and business travelers in Southeast Asia.
“As online penetration of the travel industry grows, RedDoorz will be a key beneficiary with the most extensive network of hotels in the region,” Wong explained. “The company has executed well to become number 1, delivering strong value to hotel owners in user acquisition, technology and customer service. We look forward to working together with them and sharing our learnings from the China market.”
Jungle Ventures co-founder and managing partner Anurag Srivastava said they are proud to reiterate their support for RedDoorz on its mission to deliver quality accommodations for Southeast Asia and they look forward to the startup’s continued success and value-creation for the region. He said, “RedDoorz has consistently outcompeted its rivals and over-delivered on the expectations of all stakeholders, in building this business.”
In the Philippines, RedDoorz garnered over 150 properties in over 10 cities within just one year of operation. Besides Metro Manila, Cebu, Pampanga, Tagaytay and Davao, new areas have been opened up in Bacolod, Iloilo, Palawan and Baguio with over 3 million customers served.
Meanwhile, here is clip from RedDoorz featuring Jacky Chang in Cebu: