It seems like travel technology firm NIDA Rooms might just be shutting down, for now.

The company is in the process of restructuring its existing business model, which saw the exit of its three senior employees. While the restructuring exercise first started back in July last year, but is in full swing now. The fact that the official website of the firm now leads to an open server, might be a proof.

In an interview published on Marketing Interactive, Kaneswaran Avili, NIDA Rooms CEO and co-founder revealed that as part of its latest strategic move, the company plans to launch its own NIDA budget hotel soon. With the new offering, it aims to be the largest budget hotel chain in Southeast Asia in the next three years, penetrating countries such as Indonesia and Thailand. He also said NIDA Rooms will now focus on deeper integration with its hotel partners, and will roll out new product offerings to attract more customers and hoteliers. More details on this are awaited.

He also confirmed that three senior employees have since departed the organisation. This includes senior vice president of marketing at NIDA Rooms, Carmen Wong; chief technology officer Sudhakar Kondisetti; and chief financial officer Jason Lee. He added that the company is not looking for replacements at the moment, and that the restructure will not see a change in marketing budget.

Just earlier last year, NIDA announced its entry into Bangkok with the addition of Hotel NIDA Sukhumvit Nana to the Hotel NIDA portfolio. The hotel chain had also said that they had achieved a positive, consolidated hotel level EBITDA for first quarter 2018 with four hotels in operation. Last year, the company had also completed its Series A financing, raising a total of US$5.6 million, led by global private investment firm Shanda Group and other South-East Asian investors. To date, the business has raised over US$11 million, making it the best-capitalised business in its segment in the South-East Asian region, the company had said.

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Indonesia based budget hotel aggregator NIDA Rooms has announced closing a series A investment worth USD 5.6 million. The round was led by global private investment firm Shanda Group along with other Southeast Asian investors. Participation of the investors from previous rounds hasn’t been reported. Adding the two previous investments reported by NIDA Rooms, the company has raised over USD 11 million till date.

Started in September 2015, NIDA Rooms has presence across Indonesia, Thailand, Malaysia, Philippines and has plans to enter Singapore. They have over 4,000 hotel partners across these geographies. The model popularised by OYO Rooms, has seen many entrants over the past two years but the challenges have been far too steep than initially estimated. Reddoorz, Zenrooms and Airy Rooms all operate in the same space trying to get a slice of the fast growing Southeast Asian travel market.

(Also read: Why Southeasy Asian travel market is an opportunity not to be missed)

“Shanda’s investment allows us to strengthen our partner network and technology systems, and deliver an exceptional customer experience. We are pleased to have Shanda’s support given their track record of building strong digital businesses. Their expertise will help further our mission of becoming a regional leader in the economy accommodation industry,” said Kaneswaran Avili, CEO & Co-Founder of NIDA Rooms.

“NIDA Rooms caught our attention as they have developed a business model that enables the Company to quickly build a highly scalable platform with a strong brand by effectively addressing the needs of travelers and local hotels in the fragmented, less digitalized yet large and rapidly growing economy hotel sector in Southeast Asia,” said Robert Chiu, President of Shanda Group. “We think the addressable opportunities for NIDA Rooms will become even greater as the brand becomes stronger and stronger over time. We look forward to working closely with the team to capture these exciting opportunities. ”

In November last year, the company CEO mentioned that they have raised the round in response to news reports about the company not paying its employees. He shared with Tech In Asia that the situation arose because the due diligence process took much longer than expected. NIDA Rooms is looking to turn a profit early next year if it adheres to its current plans.

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