RedDoorz Secures US$70 million Funding And Choses Vietnam Over Thailand To Set Up Tech Hub
Only after securing a US45 million Series B funding in July of this year, RedDoorz has again managed to secure yet another US$ 70 million in its series C funding round held this month. RedDoorz is a South East Asian management and booking platform startup.
RedDoorz CEO Amit Saberwal
The latest series C funding round was led led by Singapore-based growth equity firm Asia Partners, with the participation of Rakuten Capital, Mirae Asset-Naver Asia Growth Fund, existing investors Qiming Venture Partners and International Finance Corporation (IFC).
RedDoorz will use the new funding to launch in new markets, scale technology, run customer experience projects, as well as to invest in people and marketing. It is also planning to use a “significant portion” of the investment to build a second engineering hub in Vietnam, to complement its existing on in India.
Initially the company was considering Thailand as a choice for its second tech hub but according to sources at RedDoorz, the current immigration policies, red tape and bureaucracy coupled with agencies involved in promoting startups not even having basic staff that could communicate effectively in English and their lack of knowledge in many fields, all these made the company to decide to drop Thailand and picked Vietnam, which was more proactive in all aspects.( editors note: The Vietnam Authorities and Government despite having strict media control, has been ever supportive to us to establish new media portals in Vietnam like Vietnam Medical News, Vietnam Startup News etc )
The company also plans to ramp up its hotel staff and quality training programmes across all properties in Singapore, Indonesia, Vietnam and the Philippines.
RedDoorz CEO Amit Saberwal commented in an exclusive interview with Thailand Startup News ” … The success of this new round of funding 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 . We believe we are on the right track to create 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.”
RedDoorz itself has been competing head-to-head with OYO to win the Southeast Asian market. Lead investor Asia Partner was launched in 2019 by a team of senior executives who were involved in two of emerging Asia’s most notable exits: Sea Ltd’s IPO and Flipkart’s sale to Walmart.
Reddoorz was established in Singapore in 2015 and currently operates across 40 cities with more than 680 properties (17,000 rooms) in Indonesia, Singapore, the Philippines and Vietnam. It plans to serve at least 1,500 properties before the end of 2019. The company is currently valued at about US$ 720 million and is expected to reach unicorn status by as early as 2020.