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The company plans to use the fresh funds to launch in new markets as well as scale technology and customer experience projects. Above: RedDoorz CEO Amit Saberwal
RedDoorz, a Singapore-based hospitality start-up, managed to raise a US$70 million investment during the first close of its Series C round, just weeks after closing its Series B round in which it raised US$45 million.
This brings the total amount of funds raised by RedDoorz to around US$140 million since its 2015 launch, placing it on head-to-head fight with rival Oyo, reported TTG Asia.
Growth equity company Asia Partners led the latest funding round, which is still ongoing. Other co-investors include Mirae Asset-Naver Asia Growth Fund and Rakuten Capital, as well as existing investors International Finance Corporation and Qiming Venture Partners.
The company plans to use the fresh funds to launch in new markets as well as scale technology and customer experience projects. In fact, a significant part of the proceeds will be utilised in building a second engineering hub within Vietnam to complement the present regional tech hub based out of India.
RedDoorz also intends to ramp up its hotel staff while offering quality training programmes across all properties within Indonesia, Vietnam, the Philippines and Singapore.
“This new round is a testament to our strong business growth and market leadership position we were able to build during the last few years. 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 RedDoorz founder and CEO Amit Saberwal.
“We believe we are on the right track to create the next tech unicorn in South-east Asia and with the backing of our new investors, who bring deep expertise building large successful tech and digital businesses in our region, we are well-positioned to fully execute on our strategy and mission.”
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
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