Global Rooms Ltd, co-founded by former SpiceJet official Kaneswaran Avili, today said it has raised USD 4.2 million (around Rs 28 crore).
The hotel aggregator owns NIDA Rooms hotel reservation system.
In a release, Global Rooms said an equity investment of USD 4.2 million has been secured from two venture capital firms -- Convergence Ventures and CyberAgent Ventures.
The funds would be utilised for expanding its business in Indonesia as well as to increase market share in Southeast Asia region, NIDA Rooms' CEO and Co-Founder Kaneswaran Avili said.
Avili stepped down as Chief Commercial Officer from low cost carrier SpiceJet last year.
In Indonesia, NIDA Rooms has partnered with over 1,000 hotels located in various cities and aims to have 2,000 hotel partners by year-end. End of 2016.
Apart from Indonesia, the entity has hotel partners in Malaysia, Thailand and Philippines.
According to the release, NIDA Rooms has plans to expand into Vietnam and South America.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.