Fashion
Singapore-based online hotel booking platform RedDoorz announced on Tuesday (06/03) that it has secured $11 million in funding from several global investment capital firms as part of efforts to strengthen and expand its business in Southeast Asia.
The company, established in 2015, received funding from several sources, including United States-based Susquehanna International Group, the International Finance Corporation (the World Bank’s investment arm), the Asia Investment Fund, Singapore’s InnoVen Capital and Jungle Ventures, which has been involved in previous funding.
New investors also include Hong Kong-based DeepSky Capital and Hendale Capital, and Singapore’s Feng He Group, among other participants.
“With a solid team, right investors and good market targets, we are confident that we will be able to grow greatly in the region,” Reddoorz founder and chief executive Amit Saberwal said in a statement.
He said Indonesia has great potential as the country with the largest number of internet users in the region, along with a growing online and e-commerce market, citing a joint study by Google and Singapore’s Temasek Holdings, released in May 2016.
The study projected that regional online travel accommodation market will increase to nearly $90 billion by 2025, compared with $5.6 billion in 2015. Indonesia is expected to account for about a third of that projected growth.
The company said it will use the fresh capital to acquire 100 new properties fully operates by RedDoorz, and 1,000 properties managed by the company’s partners across Southeast Asia, within the next 18 months.
RedDoorz currently has 500 properties in the region and it has served more than 700,000 customers since its establishment.
In Indonesia alone, the company offers about 3,000 rooms in 16 cities for rent on its platform. The company currently employs 160 staff in the archipelago.
RedDoorz recently launched a 65-room fully leased and operated property, located between East Coast Road and East Coast Park in Singapore.
