If you were looking for the antithesis to OYO, the controversial $10 billion giant, then RedDoorz would be it. Both are budget hotel aggregators with India-born CEOs—Ritesh Agarwal and Amit Saberwal, respectively.
The similarities, however, end there.
While OYO has aggressively expanded across the globe with the backing of VC giant SoftBank’s bottomless pockets, RedDoorz has taken a more measured approach. Founded in 2015, it raised just $25 million across the first four years of its existence, preferring to hone its business model instead. That, too, largely in its home country of Indonesia.
In fact, it wasn’t until earlier this year that RedDoorz truly made a splash, announcing a $45-million Series B round in July. One month later, it followed up with a $70-million Series C. That spree added big name investors like Japanese e-commerce giant Rakuten—which profited handsomely from an investment in ride-hailing major Lyft—newly-minted PE firm Asia Partners and Qiming, a Chinese VC that manages $4 billion across 12 funds and has over 20 unicorns in its portfolio.
By the end of 2020, it’s hoping to have increased its current inventory threefold. Already, claims Saberwal, the company’s numbers are doubling every six months.
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