#Asia Nida Rooms secures $5.6m series A amid heated ‘Uber for budget hotels’ battle

//

A Nida Rooms hotel in Central Jakarta. Photo credit: Tech in Asia.

Indonesia-based budget hotel startup Nida Rooms announced closing a series A investment worth US$5.6 million today.

This is the formal announcement of an investment Kaneswaran Avili, the startup’s CEO, said he had received late last year. At that time he didn’t reveal the terms of the deal. It came after Nida Rooms went through several months of severe cash flow problems in 2016.

Today Nida announced the size of the round and its lead investor. It’s Shanda Group, a global investment firm headquartered in Singapore. Shanda backs major startups, like Lending Club, and VR firm The Void. Nida hasn’t responded to the question if Convergence Ventures and CyberAgent Ventures, who led Nida’s last round, also participated in this one.

The budget hotel space Nida operates in is very competitive. Startups like Zenrooms, Airy Rooms, and Reddoorz operate with a similar premise, which is to help budget hotels achieve better occupancy rates through a uniform branding and marketing. The startups are trying to capture opportunities off of the fast-growing domestic and international travel industry in Southeast Asia(PDF).

This post Nida Rooms secures $5.6m series A amid heated ‘Uber for budget hotels’ battle appeared first on Tech in Asia.

from Startups – Tech in Asia http://ift.tt/2lEmR6N

This entry was posted in #Asia by Startup365. Bookmark the permalink.

About Startup365

Chaque jour nous vous présenterons une nouvelle Startup française ! Notre pays regorge de talents et d'entrepreneurs brillants ! Alors partons à la découverte des meilleures startup françaises ! Certaines d'entre elles sont dans une étape essentielle dans la vie d'une startup : la recherche de financement, notamment par le financement participatif (ou crowdfunding en anglais). Alors participez à cette grande aventure en leur faisant une petite donation ! Les startups françaises ont besoin de vous !