Budget hotel chain RedDoorz lands USD70 million for expansion
Singapore based budget hotel platform RedDoorz has scored US$70 million in its latest funding round, and plans to use it to expand in new markets across Asia.
Investors include Singapore PE firm Asia Partners and Japan ecommerce giant Rakuten, which has made big investments in several travel industry segments including tours and activities platform Voyagin.
RedDoorz will also use the funds to open a second tech hub in Vietnam, as well as enhance staff training.
It is the second funding round of the year following US$45 million raised in April.
RedDoorz follows a similar business model to Oyo Hotels & Homes, bringing independent budget hotels under its brand and markets them through revenue sharing.
"Six hundred million people are getting affluent, purely from an opportunity standpoint, it is reaching a scale which can far surpass many of the more better-known markets, in many ways, including India," said CEO and founder Amit Saberwal.
It is targeting 2,000 hotels by the end of this year.
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