RedDoorz, a Singapore-based budget accommodation firm, has raised $1 million (Rs 6.5 crore) in venture debt from InnoVen Capital, a company statement said.
The fresh capital is an extension of the Series A funding it raised last year from the Asia Investment Fund of Susquehanna International Group, International Finance Corporation (the private investment arm of the World Bank Group), and Jungle Ventures, the press note added.
RedDoorz, run by Commeasure Solutions India Pvt. Ltd, offers customers standardised accommodation services. Hoteliers and guest-house owners can showcase their properties on the platform, which gives them a larger audience, and enhances their distribution and streamlines operations.
The company was started by former MakeMyTrip executives Amit Saberwal and Kunwar Asheesh Saxena in 2015. It initially launched in Indonesia, where it claims to have around 500 properties, and has subsequently expanded its network of hotels across Jakarta, Bali, Bandung and Surabaya. It also claims that its revenue has grown 12 times in the last one year.
“We are constantly on the lookout for companies that have a solid track record and good backing. The unit economics of RedDoorz have been impressive. Venture debt offers a crucial complementary source of funding for startups that have reached a strong state in their development and want to avoid equity dilution,” said Chin Chao, chief executive, InnoVen, Singapore and Southeast Asia.
In April 2016, RedDoorz had raised an undisclosed amount in pre-Series A funding from accelerator-cum-venture capital fund 500 Startups.
In October 2015, it had secured an undisclosed amount in a pre-Series A round led by Singapore-based early stage investor Jungle Ventures.
Temasek-backed venture debt firm InnoVen Capital had invested Rs 110 crore ($16 million) in 13 startups including food ordering startup Swiggy and insurance provider Coverfox in the October-December 2016 quarter. Other startups the firm has invested in are furniture rental startup Furlenco, apparel rental firm Flyrobe, branded accommodation firm Zelo, product recommendation platform for e-commerce firms Unbxd and advertising firm Surewaves.
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