NIDA Rooms hotel reservation system, the largest "virtual hotel operator" in Southeast Asia, on Wednesday said it has secured an equity investment of $4.2 million, led by two leading Asian venture capital firms.
"NIDA Rooms has secured $4.2 million equity investment. We will utilise the funds to further expand its business in Indonesia as well as to increase its market share in the Southeast Asia region," NIDA Rooms CEO and Co-Founder Kaneswaran Avili said at a press conference.
The company is owned and operated by Malaysia-based Global Rooms. It provides low-cost accommodation in various countries in the region, supported by partnerships with 3-star hotels and below.
"The equity investment is led by two Asian venture capital firms - Convergence Ventures and CyberAgent Ventures. This was the company's second institutional capital raise since its inception in second half of 2015," the company said in a statement.
"NIDA Rooms is now looking at generating increased bookings and revenues. We aim to increase the hotel partnership to 7,500 by year," Avili said. The company currently has partnerships with over 3,500 hotels in Indonesia, Malaysia, Thailand and Philippines.