Funds worth US$70 million in Series C funding closed by RedDoorz, the Singapore Budget Hotel Startup

Funds worth US$70 million in Series C funding closed by RedDoorz, the Singapore Budget Hotel Startup

Series C funding round led by Mirae Asset-Naver Asia Growth Fund, Asia Partners, a VC firm co-founded by former Naspers CEO Oliver Rippel and Rakuten Capital was successfully closed by RedDoorz, a Southeast Asia budget hotels service. The company is known for combining a group of budget hotels which are independent in themselves to offer standard and quality accommodation, much like Oyo, the Indian hotel unicorn. In the funding round, the company managed securing  a sum worth US$70 million.

Prior this the company raised US$ 45 million in Qiming Venture Partners led Series B funding round hardly five months ago. Their direct competitor Softbank- backed Oyo is expanding aggressively, which has led to these series of funding rounds one after the other according to RedDoorz founder and CEO Amit Saberwal.

Oyo Hotels and Homes has an ambition to have 25,000 hotels by 2023 pertaining to which it is looking to invest half of its budget of $200 million meant to be utilized in the expansion particularly in the Indonesian region, which offers one of the largest markets in Southeast Asia.

Though these plans by Oyo do not necessarily threaten RedDoorz; according to Saberwal who looks at them as an opportunity to expand further as it only goes on to say that there is enough space for multiple players to enter this market region apart from Oyo.

As far as RedDoorz ambitions are concerned, by next year, Saberwal aims to make the company worth US$1 billion followed by making the company go public in a couple of years or a little over at the valuation topping US$ 5 billion. The yearlong plan for the company is to have 2000 hotels from its current network of 1400 hotels spread across cities in Singapore, Philippines, Indonesia and Vietnam; ranging between 2- start, 3- start and below budget hotels.Tech infrastructure is also one of the focuses of the company which it plans to achieve with the newly secured funds and building another engineering hub in Vietnam.

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