Nida Rooms secures US$5.6mil Series A equity investment led by Shanda Group
By Digital News Asia February 23, 2017
- To date, the business has successfully raised over US$11 million
- Has secured over 4,000 hotel partners in Indonesia, Thailand, Malaysia, Philippines
NIDA Rooms Limited – an Asian branded economy hotel room network – has successfully completed its Series A financing, raising a total of US$5.6 million.
The round was led by global private investment firm Shanda Group alongside other Southeast Asian investors. To date, the business has successfully raised over US$11 million making it the best-capitalised business in Southeast Asia in its segment.
Nida Rooms is a travel technology company with a disruptive model 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 across Southeast Asia.
Established in September 2015, Nida Rooms has secured over 4,000 hotel partners in Indonesia, Thailand, Malaysia, Philippines, with plans to launch in Singapore.
“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 Nida Rooms CEO and co-founder Kaneswaran Avili (pic, above).
“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 travellers and local hotels in the fragmented, less digitalised yet large and rapidly growing economy hotel sector in Southeast Asia,” said Shanda Group president Robert Chiu (pic, above).
“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. ”
Shanda Group is a global privately-owned investment group founded in 1999 with a strong sector focus on leading edge technology and healthcare. Shanda is headquartered in Singapore with main offices in Shanghai, Beijing, Hong Kong and Menlo Park.