This is the formal announcement of an investment Kaneswaran Avili, the startup’s CEO, said he had received late last year. At that time he didn’t reveal the terms of the deal. It came after Nida Rooms went through several months of severe cash flow problems in 2016.
Today Nida announced the size of the round and its lead investor. It’s Shanda Group, a global investment firm headquartered in Singapore. Shanda backs major startups, like Lending Club, and VR firm The Void. Nida hasn’t responded to the question if Convergence Ventures and CyberAgent Ventures, who led Nida’s last round, also participated in this one.
The budget hotel space Nida operates in is very competitive. Startups like Zenrooms, Airy Rooms, and Reddoorz operate with a similar premise, which is to help budget hotels achieve better occupancy rates through a uniform branding and marketing. The startups are trying to capture opportunities off of the fast-growing domestic and international travel industry in Southeast Asia (PDF).