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    Southeast Asia's hotel management & booking platform RedDoorz raises $70 million in Series C funding

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    Southeast Asia's hotel management & booking platform RedDoorz raises $70 million in Series C funding

    Southeast Asia's hotel management & booking platform RedDoorz has raised $70 million in a Series C round that was led by Asia Partners, a Singapore-based growth equity firm. This round also saw participation from  new investors Rakuten Capital and Mirae Asset-Naver Asia Growth Fund.
    Think of RedDoorz as Southeast Asia's OYO challenger that currently it has 1,400 hotels on its network. CNBC-TV18's Young Turks caught with Amit Saberwal, founder and CEO of RedDoorz to know more about this fund raise and where the team plans on allocating this fund.
    Saberwal said, "Fund-raising gets easier when company shows more traction and shows a track record worth backing. That is exactly what happened with us. Right on the heels of our Series B announcement of USD 45 million, there was a lot of interest from investors and so we decided to do the first Series C, which is this USD 70 million round. It is led by Asia Partners. We felt that having them onboard along with Mirae Asset-Naver Asia Growth Fund and Rakuten Capital would actually not only enhance the available capital pool but also give us the kind of experience which a growth stage company like us needs to move to the next level."
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