“Black Steed” of home-sharing in Vietnam

Luxstay is embracing its own aspiration to become symbol of Vietnamese startups.

on October 02,2019 11:56 AM

“Black Steed” of home-sharing in Vietnam

Photo source: Luxstay Vietnam

Utilizing a sharing economy model in the real estate and tourism industry, Luxstay is embracing its own aspiration to become a symbol of Vietnamese startups as the market for short-term accommodation services booms.

Established in 2016 by an 8x CEO, Mr. Steven Nguyen, Luxstay positions itself as an online platform connecting hosts with short-term tenants. From the very first stages, the mission of Luxstay has been not only to meet the basic accommodation needs of tourists or business travelers but also to aim at unexplored market such as providing new, exciting living spaces, event locations and experiences...

“Black Steed” of home-sharing in Vietnam

Luxstay (at luxstay.com) focuses on providing services for Vietnamese people, especially youngsters. This orientation forces it to remain abreast of new trends in order to take advantage of cultural divergence and become a brand-new choice for users.

Standing out from other platforms, Luxstay effectively applies the three main industries of Tourism, Real Estate, and Technology into its business model. As far as CEO Mr. Nguyen is concerned, “Technology plays an intermediary role in connecting customer demands with homeowners. Luxstay is fully harnessing the help of technology with a view to developing a healthy system capable of automatically processing hundreds of thousand of orders without putting pressure on operating manpower.”

What’s more, Luxstay has implemented a host of policies not only to optimize the user experience but also to support host partners. To fulfill these goals, it has cooperated with vendors providing interior decoration services as well as housekeeping for homeowners. The company also organizes courses on sales and marketing to assist homeowners optimize their economic efficiency.

Three years after its establishment, Luxstay has recorded many positive achievements. It is now capable of servicing 15,000 accommodation spaces (including apartments, villas, and homestays), with more than 20,000 bookings per month and a monthly average growth rate of 30 per cent.

In the near future, Luxstay is perfectly capable of winning over other platforms thanks to the opportunities in the market. It is common knowledge that the home-sharing market in Vietnam is only in the early stages of development. At this point, similar online platforms are still scaling.

Luxstay is also known for its strong support from foreign investment. Earlier this year, it received $3 million from CyberAgent Ventures, Y1 Ventures, and several other investors. Before hitting a record in Shark Tank Season 3 with $6 million, Luxstay had managed to raise almost VND168 billion ($7.25 million). It also raised $4.5 million from two South Korean investors - GS Home Shopping (GS Shop) and Bon Angels. A solid financial foundation creates a good opportunity for Luxstay to focus on developing its existing strengths and become a “startup icon” in Vietnam.

As Shark Dzung said on Shark Tank, “Luxstay is a startup with an abundance of fighting spirit. My investment is an investment in manpower.” It is the founder’s willpower and determination that has helped Luxstay become a leading booking platform, representing and serving the Vietnamese people.

Luxstay Vietnam
Hotline: 18006586
Email: info@luxstay.com
Website: www.luxstay.com

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