Singapore-based finances resort reserving startup RedDoorz is tiny compared to fast-growing large Oyo. But it’s holding its floor and profitable the belief of an ever rising variety of traders.
On Monday, the four-year-old startup introduced it has raised $70 million in Series C spherical, lower than 5 months after it closed its $45 million Series B. The new spherical, which is ongoing, was led by Asia Partners and noticed participation from new traders Rakuten Capital and Mirae Asset-Naver Asia Growth Fund.
The startup, which has raised $140 million to this point, was seeing “tremendous interest from investors, so it is decided to do a back-to-back rounds,” mentioned Amit Saberwal, founder and CEO of RedDoorz, in an interview with TechCrunch.
Regardless, the brand new funds will assist RedDoorz struggle SoftBank-backed Oyo, which is already aggressively increasing to new markets. Oyo at the moment operates in additional than 80 nations.
Saberwal isn’t essentially threatened by Oyo, as an alternative he sees Oyo’s success as a testomony that there’s room for extra gamers to be within the area. Besides, he’s assured that RedDoorz is “on the right track to create the next tech unicorn in Southeast Asia…”
RedDoorz operates a market of “two-star, three-star and below” finances accommodations, promoting entry to rooms to individuals. Currently it has 1,400 accommodations on its community, mentioned Saberwal. By the top of the yr, the startup goals to develop this quantity to 2,000.
The startup operates in 80 cities throughout Indonesia, Singapore, the Philippines and Vietnam, and plans to make use of the brand new capital to develop its community in its present markets, mentioned Saberwal. At least for the subsequent one yr, RedDoorz has no plans to develop past the 4 markets the place it at the moment operates, he mentioned.
“Anything in the accommodation is our playground. We have all kinds of properties. We have three-star hotels, some hostels, so we will continue to go deeper and wider moving forward,” Saberwal, a former high govt at India’s journey large MakeMyTrip, mentioned.
Some of the brand new capital will even go into broadening RedDoorz’s tech infrastructure, constructing a second engineering hub in Vietnam. (RedDoorz’s present regional tech hub is predicated in India.)
More to observe shortly…
