RedDoorz, a Singaporean hotel booking and management platform, has bagged $70 million in an ongoing financing round led by private equity firm Asia Partners.
Japan's Rakuten Capital and Mirae Asset-Naver Asia Growth Fund, a joint venture between Mirae Financial Group and Naver Corp., as well as existing backers participated in the round.
With the new capital raised, RedDoorz plans to launch in new markets, boost hotel staff training programmes and build a technology hub in Vietnam, the company's second after India.
Additionally, the company intends to have 2,000 hotels by the end of this year and 15,000 hotels in Southeast Asia by 2022, from 1,400 at present.