Sign up for the Daily Newsletter, sent exclusively to our premium subscribers. We break down the big and messy topics of Asia’s tech and startup community. Get the newsletter in your inbox everyday with a premium subscription.
Hello reader,
How does a business survive without much – or any – money coming in?
Companies had to figure this out when the Covid-19 pandemic struck in 2020. The hospitality sector was hit particularly hard as, after all, very few of us were traveling.
Lots of firms went out of business, but Singapore-based RedDoorz managed to stick around. CEO Amit Saberwal says that was partially thanks to support from the company’s internal investors, and it seems like that faith could pay off soon.
RedDoorz says it hit cash flow positive late last year and is eyeing profitability in 2024. Turns out, a business runs a whole lot smoother when cash is coming in.
Today we look at:
- Fresh investment for RedDoorz after hitting cash flow landmark
- Cybersecurity firm Sprinto scores US$20 million in funding
- Other newsy highlights such as Singaporean writers voicing their concerns on AI and the CEO of Paytm Payments Bank stepping down.
Premium summary
RedDoorz sets sights on profitability
Hospitality firm RedDoorz has raised US$28.2 million in fresh funding from returning investors Asia Partners and Mirae Asset Venture Investment, among others.
- Milestone: RedDoorz CEO Amit Saberwal told Tech in Asia that the company hit group cash flow positive in the fourth quarter of 2023. While he didn’t give specific figures, Saberwal said the firm was set up for profitability and self-sufficiency this year.
- Step by step: The firm broke even in the Philippines and Indonesia in the fourth quarter of 2022. These two markets contribute 95% of RedDoorz’s business.
- Diversified: Tech in Asia data shows that RedDoorz previously raised more than US$134 million in investment. As well as operating hotels, the firm generates revenue by offering micro products such as early check-in or late check-out, paid loyalty programs, insurance, flexible cancelation policies, and breakfast.
Read more: RedDoorz brings in $28.2m after becoming cash flow positive in Q4 2023
News spotlight
Funding = secured
Quick bytes
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
