RedDoorz, which is the hotel booking and management platform founded by the two former MakeMyTrip senior executives, has now secured $70 million in its latest funding led by the Rakuten Capital, Mirae Asset Naver Asia Growth Fund and Asia partners.
The investment is a part of the funding round of Series C while some of the company executives declined to reveal the exact size of the ongoing funding round, it is expected to cross around $100 million. The latest funding also comes about a month after the company secured $45 million in the funding round of Series B that was led by the Qiming Venture Partners, which is a Chinese Investment in July.
“If you look at the track record of the folks, we have brought on board this time around, they are all investors who can undertake follow on investments through a much larger stage of the company. They are extremely savvy, well-connected and aggressive investors,” Amit Saberwal, chief executive of RedDoorz, told in a report.
“Our mission is to help build and mentor Southeast Asia’s next generation of tech unicorns. Our team has a unique combination of investing and operating skills to help companies such as RedDoorz become true market leaders,”Rippel
The latest set of investors have invested around $60 million in the latest funding round with two of its existing financial institutional backers – World Bank, International Finance Corp, and Qiming Ventures. As of now, the company has secured $140 million in the equity financing round. RedDoorz, which competes with the OYO Hotels and Homes and Zen Rooms, StayZilla in the Asian market.
The company was founded in 2015 by the Saberwal and Saxena and operated across the Vietnam, Philippines, and Indonesia, apart from its home market.
“The plan is to go deeper into the markets in which we currently operate. South East is our playground. In terms of accommodation, it is three times the size of India, and so we believe, we have just scratched the surface of the market,” Saberwal said.
The company which is as of now operates across the 80 cities in the region and with more than 1500 properties, is targeting around 2000 listings by the end of this year.
“Our format is the 7-11 format, and we want a RedDoorz at every single street corner, and we want to do it in a manner where we cover all addressable cities. The idea is to increase our coverage and density,” Saberwal said.
Picture Credits: RedDoorz