< img src=" https://techcrunch.com/wp-content/uploads/2019/08/reddoorz_app.jpg?w=586" > Singapore-based budget-hotel booking start-up RedDoorz is small in contrast to fast-growing giant Oyo. But it is holding its ground and winning the trust of an ever-growing variety of investors.
On Monday, the four-year-old start-up announced it has actually raised $70 million in a Series C funding round, less than 5 months after it closed its $45 million Series B. The new round, which is continuous, was led by Asia Partners and saw involvement from new investors Rakuten Capital and Mirae Asset-Naver Asia Development Fund.
The startup, which has actually raised $140 million to date, has actually been seeing “incredible interest from financiers, so it is chosen to do a back-to-back rounds,” said Amit Saberwal, creator and CEO of < a data-entity=" reddoorz” data-type=” organization” href =” https://crunchbase.com/organization/reddoorz” target= “_ blank” >
RedDoorz, in an interview with TechCrunch. Regardless, the new funds will assist RedDoorz battle SoftBank-backed Oyo, which is already strongly < a href= "https://techcrunch.com/2019/08/14/oyo-vacation-rental-europe/" > broadening to brand-new markets. Oyo currently operates in more than 80 countries.
Saberwal isn’t necessarily threatened by Oyo; on the contrary, he sees Oyo’s success as a testament that there is space for more players to be in the space. He is positive that RedDoorz is “on the ideal track to create the next tech unicorn in Southeast Asia,” and trade in public exchange in the next 2 to three years.
RedDoorz runs a < a href="https://techcrunch.com/2018/03/05/reddoorz-raises-11m/" > marketplace of” two-star, three-star and listed below” spending plan hotels, offering access to spaces to individuals. Currently it has 1,400 hotels on its network, stated Saberwal. By the end of the year, the startup aims to grow this number to 2,000.
The start-up operates in 80 cities throughout Indonesia, Singapore, the Philippines and Vietnam, and prepares to use the brand-new capital to broaden its network in its existing markets, said Saberwal. At least for the next year, RedDoorz has no strategies to broaden beyond the four markets where it currently runs, he said.
” Anything in the lodging is our playground. We have all sort of residential or commercial properties. We have three-star hotels, some hostels, so we will continue to go deeper and larger progressing,” Saberwal, a previous magnate at India’s travel giant MakeMyTrip, stated.
It’s a fantastic mix: Making the ubiquity of normally messy regional guesthouse-style rooms with the more arranged and effective– however more expensive– hotel choice.
A few of the new capital will likewise go into widening RedDoorz’s tech infrastructure, constructing a 2nd engineering hub in Vietnam. (RedDoorz’s current regional tech center is based in India.)