17 March 2020, Jakarta – Yukstay raised an undisclosed amount of funding following their graduation from Y Combinator’s 2020 Winter Program. This year the Jakarta-based full stack managed rental platform aims to expand to more cities across Indonesia and provide more services for tenants and apartment owners on their platform.
Tapping into the large vacancy of apartments in Indonesia’s fast-growing urban areas, Yukstay is a full stack managed rental platform accessible and affordable long-term for Indonesian urban middle-class millennials, expected to be around 35M this year. By offering property owners simple property management solutions and facilitating rentals through an agent network and technology platform, they are able to open up high volume, low capex supply of living spaces for the urban workforce. Last year, the company grew over 10 times in revenue and is looking to accelerate the pace through 2020.
“The rental market in Indonesia is evolving. With changes in the macro economic climate, real estate is facing headwinds that requires a product that can deliver access and affordability to an increasingly domestic workforce,” says Christopher Kung, co-founder, “Owners are aware of the growing need for long-term housing and see us as the best trusted partner to manage their units. We’ve seen how platforms in India and China have catered to the needs of both tenants and owners and we aim to deliver on this for Indonesia as well.”
Yukstay was co-founded in 2018 by Christopher Kung and Jacky Rusli, both Insignia Ventures alumni. Chris led growth and product at Gametime, one of fastest-growing consumer products company in the U.S, and mobile and business intelligence solutions as a software engineer at Google and Groupon. Jacky served as an advisor at EY and worked in investments at Mandiri Sekuritas.
Last year Yukstay also raised a seed round led by Insignia Ventures Partners, a Southeast Asia focused early stage venture firm. “In fast-growing markets like Indonesia, local talent is moving into cities and looking for long-term, affordable housing solutions. Given the one-year upfront deposit required and the pricing points of premium apartments, a large part of the supply remains out of reach and the fallback option are local kos kosan,” shares Samir Chaibi, Principal at Insignia Ventures Partners, “Yukstay has focused on improving the rental experience for both tenants and owners with a technology platform approach that can result in sustainable economies of scale. We’re excited to see this scale materialize as Chris, Jacky and their team strategically grow the company further this year.”