Intelligent homestay provider Ostay has received RMB 10 million (around USD 1.56 million) in its Pre-A round of investment from Inno Angel Fund. In 2018, the company plans to further expand in overseas markets and achieve a turnover of over 100 million yuan.
Ostay was launched in April 2017 and first tested its operational model in Japan. It raised 7 million yuan from DL Capitals in an angel round of financing in the same month.
Ostay selects target markets through systematic data algorithm, and then rents local residences to be redecorated and made available for booking by travelers.
Positioned as a light-service accommodation brand, Ostay focuses on offering B&B options for outbound Chinese tourists.
Ostay is cooperating with Airbnb, Ctrip, Tujia and overseas third-party platforms. It will send room information to users after they place orders on those platforms, and the service is available in Chinese, English, Japanese, Thai and Korean languages 24 hours a day.
Currently, Ostay has about 500 properties in Osaka, Tokyo and other places in Japan, turning over about 5 million yuan per month.