September 23, 2022
The Co-living industry is rapidly flourishing, in fact, it’s going to completely reshape the hospitality market in the coming years. Many mobile application service provider companies are trying to jump into this sector with more robust ideas.
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.
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”.
Notable hospitality networks;
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.
Take a quick look to ease the OYO mobile app design and development process:-
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;
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.
When it comes to how to start a business like OYO, you can go with two different business and revenue models:-
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.
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.
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 Technologies, 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.