RedDoorz, a Noida-based hotel management and booking platform, ha secured $70 million (approx ₹499 crore) in its latest round of funding, led by Asia Partners. While, Rakuten Capital, Mirae Asset-Naver Asia Growth Fund, Qiming Venture Partners and Intenational Finance Corporation (IFC) also participated in the round.
The company said that the round is the first close of a large series C funding.
RedDoorz will use the new funds to launch in new markets and scale technology, customer experience projects, people and marketing investments to further strengthen its leadership position in the Southeast Asia region.
A significant portion of the latest proceeds will be used to build a second engineering hub in Vietnam which will complement the current regional tech hub based out of India.
“We are thrilled to welcome a new group of seasoned investors joining us in our mission to build the leading tech-enabled affordable travel brand in Southeast Asia. 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 Amit Saberwal, founder and chief executive of RedDoorz.
“We believe we are on the right track to create the next tech unicorn in Southeast Asia,” he added.
The company was founded by Amit Saberwal in 2015. 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.
RedDoorz collaborates with budget hotel owners, offering them technology software and standardized supplies. It also trains their staff on hospitality rules and manners. The startup splits the revenue generated with the hotel owner. Hence, it has a similar working model as Oyo Rooms.
The company also plans to ramp up its hotel staff and quality training programmes across all properties in Singapore, Indonesia, Vietnam and the Philippines as it helps employ nearly 10,000 people across the region through its hotel partners.
Furthermore, the platform is also focusing on advancing technology innovation projects such as RedFox, its proprietary dynamic pricing and inventory management system.