From Sleepless in Singapore to $70 Million for Budget Hotels
- RedDoorz matches consumers with budget hotel rooms online
- Singapore-based startup sees a potential IPO within 2-3 years
Photographer: Ray Chua/Asia PR Werkz
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Amit Saberwal went through many a sleepless night when he first began pitching the idea that became Southeast Asia’s top online budget-hotels service, RedDoorz.
Few financiers paid attention back then to a middle-aged former hotel sales executive. His vision of quality $20-a-night rooms seemed impractical for a largely neglected market. And rival outfits run by younger founders, like Rocket Internet-backed Zen Rooms, hogged the spotlight. It took about six months before he finally scored a modest $540,000 from his first backer, Singapore-based Jungle Ventures Pte.