Daily Management Review

Singapore RedDoorz bets on budget travel, raises $70 mln


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.

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

Amazon will allow customers to pay with palms instead of cards

Complete Computer System For Self Driving Cars Launched By Qualcomm

In A Lifetime We Could Accumulate 20Kg Micro-Plastic In Our Body

Creator Of The First 'Gene-Edited' Babies Of The World Gets 3 Year Jail Term In China

China to deploy giant Beidou global navigation system in 2020

VW Zwickau factory is getting ready for electric cars production

Airbus: Passenger hybrid aircraft to take off before 2035

Ocado To Introduce ‘Mini Robotic Warehouse’ With Standard Productivity

AB InBev’s Piled Up Alcohol Is ‘Too Good to Waste’

Ericsson Mobility forecasts nearly fourfold increase in mobile traffic by 2025

World Politics

World & Politics

UK adds Greenpeace, PETA to extremist organizations list

Indonesia, UAE sign nearly $23B deal

US to respond to Iran’s attacks on US bases in Iraq

Irish Passport issues hit record in anticipation of Brexit

Reporters Without Borders calls to release Julian Assange

IMF allocates Ecuador $ 500 mln more to support reforms

French pension reform chief to resign

Poland refuses to join EU 2050 climate deal