HANOI, 29 May 2019: GS Home Shopping, a shopping channel in Korea and Bon Angels have provided bridge funding estimated at USD4.5 million to Luxstay, a Vietnamese home-sharing platform.
Luxstay is likely to raise another USD10 million in funding by the end of the year.
Luxstay is endeavouring to gain a foothold in the home-stay market in Vietnam that is dominated by AirBnB and Booking.com.
Airbnb in Vietnam said it targeted revenue of over USD300 million by 2023, and a home rental market share of 30%.
The entire home-share market in Vietnam is expected to reach around USD2 to 4 billion by 2025 according to Luxstay.
Founded in 2017, Luxstay is a home-sharing platform focusing on the luxury customer segment. The local short-term rental value was more than USD100 million in 2018, compared to the local USD7 billion accommodation market.