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Business deals

Singapore's RedDoorz hotel chain raises $70m as Rakuten jumps in

Japanese e-commerce group opens new front in its battle with SoftBank

RedDoorz holds its independent hotel owners to common standards such as clean linens for guests, and offers them economies of scale in return. (Photo by Rie Ishii)

JAKARTA -- RedDoorz, a Singapore-based hotel startup focused on Southeast Asia, has raised $70 million from investors, including Japanese e-commerce leader Rakuten, as it gears up to take on Indian rival Oyo, which is fast expanding in the region.

The Series C funding round was led by Singapore-based private equity firm Asia Partners and includes South Korea's Mirae Asset-Naver Growth Fund. It comes just weeks after the startup confirmed its $45 million Series B round, led by China's Qiming Venture Partners. The rapid-fire fundraising underscores investors' growing interest in the budget accommodation business in Southeast Asia, which is forecast to become a $36 billion market by 2025, according to a report by Google and Singaporean sovereign wealth fund Temasek.

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