Deals
Korea’s No. 1 Hotel App Buys Rocket-Backed Startup Zen Rooms
- Yanolja invests $15 million in its Southeast Asian peer
- Region’s hotel industry grows as economy attracts investment
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The creator of South Korea’s most popular hotel app is taking over a Southeast Asian startup backed by Rocket Internet SE to bet on the region’s booming travel industry.
Yanolja Co., which offers online booking for 20,000 lodgings in South Korea, will invest $15 million in Singapore-based Zen Rooms in return for a controlling stake, the Seoul-based company said in a statement. Zen operates in several countries including Indonesia, Thailand and Malaysia, offering a digital booking platform for budget hotels.