Indonesia: NIDA Rooms gets $5.6m in Shanda Group-led series A

Photo by NIDA Rooms

Budget hotels platform NIDA Rooms announced today that it has secured $5.6 million in a series A funding round led by private investment firm Shanda Group. Other Southeast Asian investors also participated in the round, the company said.

The latest financing round brings NIDA Room’s total investment to $11 million. With this, the company claims to be the best-capitalised business in its segment in the region.

It has planned to launch its services in Singapore soon.

Commenting on the development, Kaneswaran Avili, NIDA Rooms CEO and co-founder said: “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.”

NIDA Rooms platform enables users to find affordable, quality accommodation in locations across Southeast Asia, while helping participating hotel partners to increase occupancy and revenues. Established in September 2015, NIDA Rooms has been disrupting the travel industry in countries like Indonesia, Thailand, Malaysia, and the Philippines. Its network comprised of 4,000 hotel partners.

“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 South-East Asia,” said Shanda Group president Robert Chiu, in a press statement.

NIDA Rooms secured $4.2 million in pre-series A last year in April. Convergence Ventures and CyberAgent Ventures led the round, which was facilitated by independent advisor Emergebridge.

Also Read:

Indonesia’s NIDA Rooms secures $4.2m from Convergence, Cyber Agent

Convergence Ventures closes $30m Indonesia-focussed VC fund

Indonesian budget hotel Tinggal raises $1m funding from India-based Wudstay’s CEO, Mangrove Capital, others

Thai-listed Syntec unit buys Eight Thonglor Residences for $73m

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.