The
hospitality sector is set to see a big change; it got a shot in the arm when
investments in the sector were booming between 2005 and 2010. With immense
private equity and bank funding, the new generation has changed the landscape of
the hospitality sector, therefore, it has become more advanced and soothed
through Enterprise Mobility Solution.
We
all are aware with the OYO as this has become an inseparable part of the hotel
industry. Today, it covers 18,000 properties in 500 cities around the world and
has earmarked $950 million to bankroll a multi-pronged expansion across Asia
over the next five years. So this could be your startup idea as still, some
people find trouble in searching fully-furnished room to stay in a new city.
A Brief History of OYO
OYO,
OYO rooms or Oravel Stays is India’s largest hospitality company, founded in
2013 by Ritesh Agarwal. Today OYO is ruling in the market of China, Malaysia,
Nepal, UK, and the USA and has become 3rd largest hotel brand in China. The
brand has launched various new products in the market including OYO Living,
SilverKey, OYO Homes, and Palette.
According
to STR, “OYO has collected 515,000 rooms, making it the world’s eighth-largest
hotel chain by rooms under management”.
Top Players of the Hospitality Market
Notable
hospitality networks;
·
OYO Rooms
·
9flats
·
Airbnb
·
BeWelcome
·
CouchSurfing
·
Friendship Force International
·
Gloveler
·
GuestToGuest
Recent Fundings Raised in the Co-Living Market
The
co-living industry was valued at $55 million in 2017 and in 2018 it gained a
market value of $120 million. And according to the RedSeer study, this market
is expected to gain $2.2 billion by the year 2022.
·
Co-living startup Colive has raised $9.2 million from real
estate developer Salarpuria Sattva Group.
·
StayAbode raised an undisclosed amount from Voyage Group,
Akatsuki and Incubate Fund as an add-on to Pre-Series A funding.
·
Grexter, a co-living startup based in Bengaluru, gained $1.5 Mn
in a Pre-Series A funding from Venture Catalysts.
·
ZoloStays raised a $30Mn Series-C funding by IDFC Alternatives,
Mirae Asset and Nexus Venture Partners.
·
Oyo has
raised over $1 billion in funding from Son’s SoftBank in September for $800
million, and then Singapore’s ride-hailing giant Grab in December for $100
million and China’s ride-hailing major Didi Chuxing in February for $100
million
·
Airbnb received $600,000 in seed money from Sequoia Capital and,
in November 2010, raised $7.2 million in financing from Greylock Partners.
Features of OYO like App
Take a quick
look to ease the OYO mobile app design and development process:-
User Panel
· Profile creation and management
·
Search option
·
Invite and Earn
·
Book a Room
·
Payment option
·
Notifications
·
Check-in, Check-out option
·
Wallet
·
Booking History
Hotel
Vendor Panel
·
Account creation and management
·
Booking Management
·
Room Management
·
Track Booking
·
Upgrade/Degrade Amenities
·
Customer Review and Rating
Admin
Panel
·
Customer Management
·
Booking Management
·
Manage discount and coupons
·
Regulate Payment Transaction
·
Manage Promotional Activities
·
Hotel Management
These
are the simple features of co-living space mobile application. Recently OYO has
introduced various new functionalities to provide a better living experience to
users such as;
1. OYO
Money and OYO Rupee
2. OYO
Wizard
3. OYO
Captain
4. OYO
Assist
5. OYO SOS
6. Deals
for You
If
you want to develop an app like OYO with all these latest features, it won’t
help as OYO already established itself in the co-living market. Therefore you
have to think out of the box to come up with a new approach to enter in the
market and get the hype like OYO.
Let’s
get into the technical aspects of the mobile app design and development and see
what framework and languages lie under OYO app tech stack.
OYO Mobile Application’s Technology Stack
·
Framework: Android, iOS, and Website
·
Web/App Development Language: Java, JavaScript, Kotlin, Xamrin,
Objective-C, Swift, PHP, Node.js, and Angular
·
Map: Google Map API
·
Interface: Rest API, Slim Framework
·
Database: MongoDB, MySQL, Redis
·
Payment Gateway: Paytm, Mobikwix
·
Web Server:Nginx
·
Real-Time Analytics: Hadoop, Spark, Bigdata
·
Traffic Analysis Tools: Google Analytics, Mouseflow
Business Model of OYO Rooms
When
it comes to how to start a business like OYO, you can go with two different
business and revenue models:-
1. Aggregator
Model
2. Revenue
Model
·
Aggregator
Model
In
this model, OYO Rooms partners with other hotels across the world to provide
rooms to the customers under their own brand. OYO only partner with those
hotels which meet certain guidelines such as the standardization of basic
amenities, the standard of rooms, staff quality, security, pricing, location,
etc.
·
Revenue
Model of OYO Rooms
Currently,
OYO is working on this business model. Under this model, OYO used to rent out
the hotels at a predefined price and offered them to the users at a take-up
rate. This is a commission based revenue model and this commission does vary
according to the services provided by the brand.
OYO Mobile App Development Cost
The
cost that we have mentioned in our blog for OYO mobile application development
is not finite. The cost of iOS Mobile App Development and Android Mobile App Development varies based on various
factors, including the app features, tech stack, hourly price of the hired
mobile app developer, and most importantly – the number of hours required for
the development cycle.
At Consagous Technology,
we calculated the cost of OYO-like app development based on the number of
hours, the value comes down to nearly $65000. This estimated cost of OYO-like
app development may differ.
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