Daily Management Review

Singapore RedDoorz bets on budget travel, raises $70 mln


08/19/2019


The travel industry continues to gain momentum and attract investors. So, Singapore RedDoorz held the second round of financing attraction for the year, and its result was $ 70 million, which the company intends to use to expand the budget segment.



needpix
needpix
The Singapore hotel reservation and support platform relies on domestic tourism. The funds will be used to develop the platform in new markets, expand training programs for hotel personnel, and, most importantly, create a technology center in Vietnam, the second after India.

In April this year, RedDoorz, founded in 2015, raised $ 45 million. The largest investor was the Chinese venture company Qiming Venture Partners.

The company works with owners of small hotels, providing staff training, as well as standardizing service and facilities. At the same time, it sells some of the rooms from them under the RedDoorz brand on its platform. The owner of the company Amit Saberwal describes the platform as something similar to Uber: the hotels listed in its application belong to individual owners, just like many drivers own their cars and receive orders through the American giant.

RedDoorz focuses on the domestic tourism market in Southeast Asia. The company operates in Indonesia, the Philippines, Vietnam and Singapore, and currently aims at Thailand and Malaysia. The average room rate on RedDoorz is around $ 20 per night.

RedDoorz's largest competitor in this segment is the Indian OYO, which is supported by Softbank Group. The company is rapidly expanding its field of activity: the list of its partners includes Airbnb, Singaporean Grab and Chinese Didi Chuxing.

According to Saberwal, by the end of this year, the company plans to increase the network of hotels presented on the platform to 2 thousand, and by 2022 the number of offers throughout Southeast Asia is expected to grow to 15 thousand. 

source: techcrunch.com






Science & Technology

Bain & Company: E-wallets and cheaper transactions are new payment trends

Is UAV drone industry falling into decay?

UK Scotland Yard employs AI to deal with frauds

US sets to fight robocalls outbreak

Top 7 green energy innovators

Volvo’s New Car Uses Blockchain For Recycled Cobalt

False Memories Can Be Created By Fake News On Social Media, Shows A Study

DEF CON Hosts Auto-Makers And Cybersecurity Enthusiasts

WHO found no danger in microplastics in drinking water

Apple starts testing Chinese OLED screens for iPhone 12

World Politics

World & Politics

US Trying To Create An Alliance Against Iran: Pompeo

US FAA invites representatives from 50 countries to discuss 737 MAX certification

Iran Blamed By US’s Pompeo For The Drone Attacks On Saudi Oil Facility

IMF: Georgieva is the only candidate to replace Lagarde

Saudi Arabia to issue tourist visas

USA introduces sanctions against Iranian space agencies

Investments continue to flow into Cape Verde and exceed expectations of Minister of Finance Olavo Correia

USA, UK to create a working group on economics