Friday, April 7, 2017

RedDoorz raised $1 million funding from InnoVen capital

Singapore based budget accommodation firm RedDoorz has raised $1 million (Rs 6.5 crore) in venture debt from InnoVen Capital.

Also red: Credit Sudhaar raised undisclosed amount of funding

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 initially launched in Indonesia and later expanded to Jakarta, Bali, Bandung and Surabaya.

Chin Chao chief executive InnoVen said, 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.


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