TRAVEL TECH FIRM RAISES FRESH FUNDING

NIDA Rooms Ltd.—Asia’s largest branded economy hotel room network—has completed its Series A financing, raising a total of $5.6 million.

The round was led by global private investment firm Shanda Group along with other Southeast Asian investors.

To date, the business has successfully raised over $11 million making it the best-capitalized business in Southeast Asia in its segment.

“Shanda’s investment allows us to strengthen our partner network and technology systems, and deliver an exceptional customer experience. 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,” said Kaneswaran Avili, CEO and cofounder of NIDA Rooms.

“NIDA Rooms caught our attention as they have developed a business model that enables the Company to quickly build a highly scalable platform with a strong brand, by effectively addressing the needs of travelers and local hotels in the fragmented, less digitalized yet large and rapidly growing economy hotel sector in Southeast Asia,” added Robert Chiu, president of Shanda Group.

“We think the addressable opportunities for NIDA Rooms will become even greater as the brand becomes stronger and stronger over time. We look forward to working closely with the team to capture these exciting opportunities,” Chiu further said.

NIDA Rooms is a travel technology company that provides a platform for participating hotel partners to increase occupancy and revenue, while providing customers with quality accommodation assurance, convenient booking, and affordable price in locations across Southeast Asia.

Established in September 2015, NIDA Rooms has quickly grown to be the largest branded economy hotel room network in Southeast Asia.

It has secured over 4,000 hotel partners in Indonesia, Thailand, Malaysia, Philippines, with additional plans to launch in Singapore.