nida rooms
8 months ago
 

NIDA Rooms secures $5.6 million to grow branded hotel platform

NIDA Rooms has secured a $5.6 million capital-raise to bolster its growing budget hotel platform.

Backing the company in the Series A round are the Shanda Group and other unnamed investors.

It brings the total raised so far since the company was formed in September 2015 to $11 million.

In 18 months, NIDA has brought on 4,000 budget properties to the platform from destinations in Indonesia, Thailand, Malaysia and the Philippines.

The next area is expected to be Singapore.

The funding is also being used to invest in the core platform and customer services.

The NIDA model mirrors that of OYO Rooms, the heavily-backed budget accommodation platform in India.

NIDA CEO and co-founder Kaneswaran Avili says:

“We are pleased to have Shanda’s support given their track record of building strong digital businesses.

“Their expertise will help further our mission of becoming a regional leader in the economy accommodation industry.”

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Kevin May

About the Writer :: Kevin May

Kevin May was a co-founder and member of the editorial team from September 2009 to June 2017.

 

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