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Ever failed to locate a completely equipped place to live in a foreign city for a night or more? Most of us who have moved to a new city for learning, internship, beginning a job or setting up a business has been through this boring search of finding space when coping with sly brokers, nosy tenants, pale food and poor maintenance – just because of a lack of budget or cash.
Fortunately, conditions have now improved. Today, with a few taps on a smartphone device like OYO and ZoloStays, one can conveniently locate a shared flat, a private room or a shared community area. On the one side, this has given the consumers an ability to experience all the facilities at a low price. Although, on the other side, it has provided companies with lots of advantages – making others more involved in seeking a way to reach the co-living industry and deciding OYO’s cost including device growth – which we’re going to explore in-depth in this post.
However, rather than diving straight into how to create an app like OYO and the other specifications, we’ll dive further into the co-living business room to decide what’s the industry’s current and potential, and why OYO is gaining huge consumer momentum across all the various choices available.
So, continue with the latest fundings that were collected in the co-living sector.
The latest investment in the sector for co-living
In 2018, the co-living sector achieved a market valuation of $120 million, primarily in India. However, this figure is projected to rise by 20X by 2022 – a clue that can be drawn from last year’s funding:-
⦁ As an add-on to Pre-Series A financing, StayAbode received an unspecified sum from the Voyage Party, Akatsuki and Incubate Project.
⦁ In 2018, GoLive received $1.8 Mn of financing from Ncubate Capital Partners.
⦁ Greater, a co-living company located in Bengaluru, received $1.5 million from Investment Catalysts in a Pre-Series A financing.
⦁ IDFC Replacements, Mirae Asset and Nexus Investment Investors received a $30Mn Series-C funding from Mumbai-based ZoloStays.
⦁ In 2018, OYO launched the ‘OYO Living’ bid, with 50k beds and a monthly rental cost of min. $109 per room, which is planned to extend to the top 10 meters this year.
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Although various companies have raised funds in the co-living market room, not all of them are doing a viable company in the area, or have even set up themselves. Under such a situation, getting a clearness of the industry’s key players allows them to schedule wisely. So, given the same, we’ll transform our journey towards the domain’s top teams.
While both budget building hotel booking apps offer each other a difficult rivalry, OYO Rooms are the one that has proved to have the potential for becoming the No.1 in the industry.
Let’s dig a little at Oyo’s history before we go on to dig at the expense of creating such an application.
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OYO – A Short Story
OYO Houses, popularly known as the OYO, came into existence in 2013. Starting from Asia, the corporation is now dominating the industry in China, Malaysia, Nepal, Britain, and the USA. This has been one of the world’s leading Hotel Chains and China’s 3rd biggest hotel company. In the industry, the company has introduced many new items including OYO Life, SilverKey, OYO Homes and Palette.
This has since achieved immense success in the industry when giving customers and their corporate owners a variety of advantages – a snapshot of which can be taken from the shared statistics below:-
Now, since we’ve discussed the co-living industry dynamics and the OYO mobile framework, let’s continue with the technicalities – beginning with the mobile device functionality.
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OYO’s Applications Features
Although these basic features enabled the application to reach the co-living room, the organization added numerous new apps to offer minors, bachelors, travelers, and millennials a better living experience. Many of the latest features you can find making an app like OYO include:-
OYO Money: These are the two virtual currency that is accessible in the OYO app, displaying how much you won by recommending the application to your friends or making use of a specific booking.
OYO Wizard: It’s a loyalty plan where OYO’s faithful customers get bonanza deals and rewards on their reservations.
OYO Captain:- Customers may recruit a local OYO representative who will take charge of all about their stay using this app. We will evaluate the state of the book of hotels, test all the equipment and the hotel staff’s preparation and assist you in case of any assistance issues. We even send you details on locations to explore, restaurants to dine at, stuff to do and much more.
OYO Assist:- Unlike OYO Chief, this app allows self-service facilities. This means that it provides you with assistance in familiarizing yourself with the hotel’s booking policy, changing any accommodation in only 3 clicks, requesting compensation at a quicker rate, and easily and efficiently lodging a lawsuit against any hotel facility.
OYO SOS:- This function of the OYO app assists you in the case of a safety emergency.
Deals for you:- The hotel booking packages and special offers provided by the OYO partners like the banks and other service providers can be found here.
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To be the biggest hotel chain by 2023 and provide more than 330,000 rooms in 550 separate locations, the organization is also placing full focus into identifying consumer desires and generating even more incentives.
In a situation like this, if you’re anyone who stumbled on this post with all these updated features looking to build an app like OYO, let me share that it won’t help. The company has rooted itself in numerous consumer and industry dynamics and now deals with consumers with diverse preferred viewpoints and viewpoints. This means the safest way to market penetration, and having the limelight like OYO is investing first in creating an MVP. [Read more on MVP on- The Minimum Viable Goods Digestible Guide (MVP)]
With this in mind, let’s get through the application’s technological features, and see what’s under the OYO web software stack mark.
Now when you know what the range of OYO rooms technologies is and what functionality it includes, you’d be looking forward to deciding the expense of creating OYO devices – something we’ll share for you early.
But, first, let’s dive further into the market and sales model of OYO to see what are the potential methods of returning the capital spent and doing market profitably.
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OYO Rooms Market and Sales model
You should go with two separate market and sales models when it comes to how to launch a company like OYO rooms:-
⦁ Model aggregator
⦁ Build Franchises
Company concept aggregator
The Aggregator platform, preceded by OYO Rooms until 2018, allows you to link for collaboration with numerous hotels, property dealers and room managers, and allow them to offer their facilities under their brand name. That implies that consumers link them through your website and obtain their hospitality services with no idea as to their actual name – just like we saw in the case of the Uber company and sales model earlier.
You win about 22 percent of the profit share in this sales and business model whilst the associated hotels and room owners achieve tremendous momentum at their end, and the consumers get the outstanding experience of course.
Build Franchises
This is the current business model that OYO works with. In this market and sales scheme, the owners of the hotel and location have been limited to the terms and expectations for a bid. They have to maintain customer care efficiency and expand their company according to your expectations and provide you with about 90 percent of the revenue from hotel operations.
With this, we’re all ready to step through the key aspect of this post, i.e., figuring out how much OYO costs when creating applications.
So, here we go.
Cost for production of OYO Rooms Application
INCLUSIVE: While you’d be going through this segment with expectations of having a finite number, let me disclose that the answer to how much it costs to create an app like OYO isn’t finite.
The cost of creating an application differs depending on various aspects, like software functionality, tech stack, the hiring web developer’s hourly salary, and most significantly – the amount of hours needed for the production phase.
This approximate cost of creating OYO-like apps can vary depending on the geographic area and the size of the team you’re recruiting. So, before signing a contract with a client, it is advisable to look at ways to outsource device growth.
Thank you so much for reading!
If you are searching for some professional assistance when it comes to making your Mobile application, INNOVINS will support it. We provide a comprehensive web application (mobile app development company in Mumbai) and development products, with more than 1000 sites released.
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