China'sShandaGroupleadsfundingroundofIndonesianhotelbookingsite

NIDA Rooms has secured a USD 5.6 million capital-raise to bolster its growing budget hotel platform.

Backing the company in the Series A round are lead investor Shanda Group from China and other unnamed investors.

It brings the total raised so far since the company was formed in September 2015 to USD 11 million.

In 18 months, NIDA has brought on 4,000 budget properties to the platform from destinations in Indonesia, Thailand, Malaysia and the Philippines.