RedDoorz's Ambition to Become a Unicorn and Expansion to Thailand in 2020

After pocketing series C pendanaan funding $70 million (nearly IDR1 trillion) led by Asia Partners with the participation of two new investors, Rakuten Capital and Mirae Asset-Naver Asia Growth Fund; RedDoorz plans to own more properties by the end of 2020.

If in 2019 RedDoorz is able to acquire up to 2 properties in 4 countries, by the end of 2020 they are targeting to have around 5 thousand properties in 5 countries.

"RedDoorz will also expand to Thailand in the first quarter of 2020, having previously been present in Indonesia, Singapore, the Philippines and Vietnam. It is hoped that the expansion to Thailand can meet our target of owning 5 properties by the end of 2020," said Country Head RedDoorz Indonesia Mohit Gandas.

The Series C investment followed shortly after RedDoorz announced Series B funding of $45 million in April 2019. This new fund brings the total amount of capital raised by the company to approximately $140 million since its launch in 2015.

Asked whether RedDoorz will conduct an IPO, Mohit emphasized the possibility that the company will consider the possibility in 2022-2023. However, if the fundraising is done again later, it could be that RedDoorz appears as a startup unicorn new.

"Obviously I can't say for sure when we will receive the new funding to increase our valuation and make RedDoorz the next travel-tech unicorn first in Southeast Asia," said Mobit.

Indonesia is still the main market

On the occasion it was also mentioned that until the end of 2019 Indonesia was still a big market compared to 3 other countries (Singapore 3%, Vietnam 8%, Philippines 15%). The cities with the highest number of properties owned by RedDoorz are Jakarta, Yogyakarta, Bandung, Bali, and Malang.

Until the end of 2018, RedDoorz has 400 properties in Indonesia, in 2019 that number will increase to 1200 units and in 2020 it is expected to be 1500 properties in Indonesia.

"We also ensure that the technology applied is up to date. Leveraging applications and digital channels to drive consumer demand. RedDoorz is also supported by data center which is located in Vietnam," Mohit said.

Having previously announced new product lines such as RedDoorz Plus, RedDoorz Premium, Residence by RedDoorz, Kool Kost, to Co-living; Mohit emphasized that until now some of these services are still in the testing phase. If it is ready, later all these services will also be presented in Indonesia.

For RedFood Currently, it is only available in certain areas in Jakarta. RedFood provides food menus at affordable prices, such as spaghetti meatball, beef rendang, chicken curry noodles, chicken teriyaki rice, and beef bulgogi rice. This service is deliberately prepared to meet the breakfast needs of RedDoorz guests in Indonesia.