Singapore-based budget hotel aggregator RedDoorz has raised $70 million in the first close of its Series C round of funding, led by Asia Partners, a Singapore-based growth equity firm.
Existing investors Qiming Venture Partners and International Finance Corporation (IFC) also participated in the round, along with Rakuten Capital and Mirae Asset-Naver Asia Growth Fund, the company said in a statement.
Founded in 2015 by Amit Saberwal and Asheesh Saxena, the platform offers budget accommodation across key business and tourist destinations in Southeast Asia.
“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,” chief executive officer Saberwal said.
RedDoorz, run by Commeasure Solutions, will deploy the funds to launch its platform in new markets, scale technology, customer experience projects, people and marketing in the Southeast Asia region.
It will also use the funds to build its second engineering hub in Vietnam, the statement added.
RedDoorz also plans to expand its hotel staff and quality training programmes across all properties in Singapore, Vietnam, Indonesia and the Philippines.
“We believe we are on the right track to creating the next tech unicorn in Southeast 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,” Saberwal added.
RedDoorz’ India tech hub currently employs more than 60 employees across engineering, product management, UI/UX roles. The team is responsible for all technology initiatives, including websites and apps development.
The total amount raised by RedDoorz, including the current funding, is $140 million.