YukStay Joins Y Combinator, Enliven Proptech Startup Competition in Indonesia

YukStay is a startup proptech who developed the service online marketplace for rental of apartments and boarding houses. Currently only operating around Greater Jakarta and Surabaya.

In early 2020, they joined the business accelerator program And Combinator along with several other local players namely Pahamify and Newman's. As is known, participation in the program also provides benefits for startups to earn money seed round around 2 billion Rupiah.

Founded in 2018, YukStay is fronted by two founder namely Jacky Steven and Christopher Kung. Prior to their involvement in YC, they had also raised $4 million or the equivalent of 65 billion Rupiah from a number of investors in the series A round, including Insignia Ventures and K3 Ventures.

Competition in related landscapes

Implementing a B2B2C business model, Come on, stay Not only do they accommodate temporary housing needs for consumers, they also help property owners. To property owners, there are three services provided besides listing, covering the management of legal requirements related to leases, helping potential customers to view property units, and managing/inspecting inventory when switching property users.

In addition to full rental of apartment units, they also register property units co-living, namely the concept of housing and shared facilities with private rooms. The minimum membership applied is 6 months. Each property is also equipped with basic facilities, such as furniture, beds, wardrobes, connectivity Wireless to maintenance services. Interestingly, users can also pay rent in installments.

Proptech in Indonesia

With a wider area coverage, previously there were Travelio and Mamikos platforms in similar segments. Both also help property owners manage their units. Lastly for business acceleration, Travelio received a round series B funding up to 253,6 billion Rupiah from a number of investors, including Pavilion Capital, Gobi Partners, Samsung Venture and others. Meanwhile, Mamikos focuses more on managing and marketing units in the boarding house category.

business model proptech also more diverse. For example, what was already famous was C2C marketplace, in the form of a portal that allows property owners to independently advertise their units and consumers can see a complete list of properties in certain areas. Several players already exist in Indonesia, such as 99.co, Rumah12, Rumah.com, Lamudi and so on.

Fintech for property has also begun to appear, providing an option for financing the purchase or rental of property. Some existing players such as Gradana, CicilSewa and CrowdDana.

Gradana apply the concept p2p loans to facilitate end consumers of installment products for down payments and property purchases. Meanwhile, CicilSewa provides property rental loans. And CrowdDana presents a scheme equity crowdfunding to assist the development of property units.

Competition map

The dynamics of the property rental business in Indonesia continues to grow along with the increasing needs of the urban community for temporary housing. The company's actions continue to be intensified, last year 99.co decided to form a j together with REA Group, agreed on a synergy with the Rumah123 platform in Indonesia. Previously 99.co also acquired UrbanIndo and has integrated property listings into its services.

In Indonesia, PropertyGuru's business unit also operates. They run two sites, namely Rumah.com and Rumahdijual.com which were acquired at the end of 2015. In Indonesia, its operations are also supported by the EMTEK Group conglomerate as an investor in the series D funding round.

Lamudi also took part in the competition. They have been present since 2014. One year of operation, in 2015 the company acquired the PropertyKita platform. Apart from Indonesia, currently they are also operating in the Philippines. Meanwhile, Lamudi's operations in the Middle East were acquired by the Emerging Markets Property Group in the middle of last year.