In July 2019, Luxstay, Vietnam’s homegrown Airbnb challenger, stunned audiences on Shark Tank Vietnam Season 3 by securing a $6 million investment from three high-profile Sharks: Nguyễn Thanh Viet (Intracom), Phạm Thanh Hùng (Cengroup), and Nguyễn Ngọc Thúy (Egroup). This Series A investment contributed to a total of $16.5 million raised across four funding rounds.
At the time, Luxstay was experiencing rapid growth. Founded in 2016 and headquartered in Ho Chi Minh City, it positioned itself as Vietnam’s premier marketplace for short-term rentals, primarily targeting domestic travelers. Expectations were high, with many predicting it would become a serious competitor to Airbnb and dominate Southeast Asia’s growing sharing economy.
Disruption Strikes as COVID-19 Turns the Tide
Just months after their big win on Shark Tank, the global pandemic caused a major disruption in the travel industry. Like many startups in tourism and hospitality, Luxstay faced a sharp decline in bookings and revenue. Public information about the scale of financial losses is limited, but it’s clear the company was hit hard.
Unlike other startups that shut down entirely, Luxstay stayed afloat. However, the company quietly rebranded as LuxWorld, signaling a strategic shift during the downturn. While the intent behind the rebrand was never fully explained publicly, it likely reflected a move to reposition the brand for a post-pandemic future. Eventually, the company reverted to its original name, Luxstay, though some confusion lingered among users and investors.
A New Business Model Emerges
By 2023 and into 2024, it became clear that Luxstay had transitioned away from its original homestay-only model. Instead of focusing solely on home rentals, the company evolved into a broader travel-tech aggregator. Visitors to luxstay.com could now browse and book flights, hotels, and travel experiences, often through partner platforms like Agoda and Trip.com. Rather than handling every transaction directly, Luxstay began earning commissions through redirection and referrals.
Despite this evolution, the core identity of Luxstay remained centered on travel and local discovery. Business databases like Tracxn still listed Luxstay as a short-term rental platform as of June 2025, suggesting that its marketplace features are still active, even if now part of a larger ecosystem of travel services.
Re-Engaging the Market Through Technology
Luxstay’s transition wasn’t just about changing its business model. It also involved a renewed focus on technology and data-driven growth. A case study from MoEngage, published in July 2025, highlighted impressive performance metrics: over 15,000 active listings, 20,000 monthly bookings, and consistent 20% monthly growth.
Using MoEngage’s marketing automation tools, Luxstay implemented personalized campaigns based on user segments, such as solo travelers, couples, and families. The result was a 60% increase in user engagement, a 5x boost in conversions, and almost double the number of active users. These results demonstrate the company’s commitment to using smart digital strategies to rebuild momentum and attract new users.
Leadership Continues Under Steven Nguyen
One name remains consistently tied to Luxstay’s story — Steven Nguyen (Nguyễn Văn Dũng), the founder and CEO. Business records confirm that he continues to lead the company as of 2025. While he hasn’t given public interviews or statements recently, his continued presence suggests he has been steering the company through its ups and downs.
Even though the media spotlight has faded, Nguyen’s ongoing leadership may indicate a long-term strategy focused more on sustainable recovery than flashy growth.
Limited Transparency, But Steady Presence
Despite being active, Luxstay’s operations are now less visible than they were at the peak of its popularity. Many key details remain undisclosed to the public, such as:
| Area | What’s Known |
|---|---|
| Valuation and net worth in 2025 | Unknown. Luxstay is a private company with no recent public financials. |
| Revenue and profitability | No financial reports have been published since the pandemic. |
| Market share compared to Airbnb | Unknown. Airbnb still dominates, but Luxstay has a local edge. |
| App reviews and user feedback | Available on app stores, but no recent public performance data. |
| COVID-19 impact | No official data on layoffs or losses, though major disruption is assumed. |
For journalists, investors, or curious travelers, these gaps in transparency leave many questions unanswered — especially for a startup that once attracted such significant funding and attention.
What’s Next for Luxstay?
Although it’s not the media darling it once was, Luxstay is still operating and may be laying the foundation for a renewed push. Its site is fully functional, and listings continue to appear on platforms like Booking.com and Expedia.
Observers can look for signs of growth in several areas:
- Updates to the mobile app or website
- Public partnerships or new funding announcements
- Increased visibility on social media or in travel rankings
- New case studies or interviews with leadership
Luxstay’s low-profile strategy may not appeal to hype-driven investors, but it shows how companies can pivot, adapt, and survive through challenging times by focusing on fundamentals and long-term planning.
Final Thoughts
Luxstay did not vanish. It pivoted.
From an ambitious homesharing startup to a more diversified travel-tech platform, Luxstay’s journey reflects the highs and lows of running a business in a volatile industry. The company’s record-breaking Shark Tank deal made headlines, but its real story is one of endurance and quiet reinvention.
While much about Luxstay remains private, one fact is clear — the business is still alive in 2025. It may not be dominating the headlines, but it’s steadily building a path forward in Vietnam’s post-pandemic travel scene.
TL;DR (Too Long; Didn’t Read)
Luxstay secured the biggest deal in Shark Tank Vietnam history and rose fast as a travel-tech leader. After a quiet rebrand and pandemic struggles, the company is still active in 2025 with a new business model focused on travel aggregation and personalization.
FAQs
Is Luxstay still in business in 2025?
Yes, Luxstay is still operating as of July 2025. Its website is active, listings are available, and the company continues to offer travel aggregator services.
What happened to Luxstay after Shark Tank?
After securing the largest deal in Shark Tank Vietnam history, Luxstay expanded rapidly. However, COVID-19 impacted operations, leading to a temporary rebrand and pivot toward travel aggregation. The company remains active in 2025.
Did Luxstay complete the $6 million Shark Tank deal?
While Luxstay received a $6 million commitment on air, there is no public confirmation of the full deal closing. It did raise $16.5 million across all funding rounds.
Why did Luxstay rebrand to LuxWorld?
The rebrand to LuxWorld was part of a strategic pivot during the pandemic to explore broader travel-tech services. The brand later returned to Luxstay with an expanded focus.
What services does Luxstay offer now?
Luxstay now operates as a travel aggregator, offering hotel bookings, homestays, flight searches, and partner listings via its website and mobile app.
Who is the founder of Luxstay?
Luxstay was founded by Steven Nguyen in 2016. As of 2025, he is still listed as the legal director of the company.