Indonesian co-living startup Flokq acquires Y Combinator-backed YukStay

Indonesian managed long-term rental startup Flokq has acquired co-living startup YukStay. The financial details of the deal were not disclosed.

Photo credit: Flokq

Founded in 2018, YukStay claims to be the first co-living startup in Indonesia, focusing on apartments in Jakarta and Surabaya. It has received investments from Y Combinator, Insignia Ventures Partners, Skystar Capital, Tanglin Venture Partners, and K3 Ventures, among others.

Over the last 18 months, the firm has built a platform to simplify the real estate value chain. Agents are provided with tech and data that facilitate transactions, improve customer experience, and manage properties.

Flokq CEO Anand Janardhanan said that the deal focuses on the acquisition of the tech capabilities that YukStay has built as Flokq looks to scale from providing co-living spaces into tech-driven property management services and beyond.

Flokq was established in 2019 and first piloted serviced co-living and community living in apartments across Jakarta. It claims to have over 1,000 units on the platform in the capital city, with an over 95% occupancy rate and “a few million US dollars” in annual recurring revenue. It also claims to have turned cash-flow positive.

“We are looking to scale our memberships in Indonesia, not only in co-living but really widen our service offerings to a full long-term rental market platform and scale across Southeast Asia in the next two years,” said Janardhanan.