MNC Group joined with Chinese venture capital firm Qiming Venture Partners and other investors for injecting Series B round US$45 million to RedDoorz, hotel management, and technology-based room bookings.
Other key investors in the round are existing RedDoorz backers Hendale Capital, International Finance Corporation and Susquehanna International Group. For Qiming, the investment in RedDoorz appears the first time it has ventured outside China in a Southeast Asian company and comes amid interesting times in the budget accommodation sector.
RedDoorz, founded in 2015 by former Make My Trip executives Amit Saberwal and Asheesh Saxena, says it has more than 1,200 properties, 800 of which are in Indonesia and the rest in Singapore, Vietnam and the Philippines. End of 2018, RedDoorz had 680 properties and 17,000 rooms, of which 13,600 rooms were in Indonesia, its biggest market.
