Co-working platform myHQ looks to strengthen its footprint into new cities
myHQ is looking at scaling up its presence across new cities. In a bid to fund its expansion plans, the co-working platform has raised 1.5 million from investors including India Quotient.
Founded by Utkarsh Kawatra and Vinayak Agrawal in 2016, the company provides workspaces across over 120 locations in the Delhi-NCR region at places such as restaurants, cafes, co-working centre and office complexes that have excess inventory.
The company said in a statement, “myHQ has raised $1.5 million in its pre-Series A round led by India Quotient. The round also saw investments from Singapore-based family office RB Investments, Ashish Goenka from Suashish, angels from the online platform LetsVenture and participation from existing investors (Anupam Mittal and Nitish Mittersian amongst others).”
The fresh capital will also be used by the startup to introduce new product offerings and invest in their technology infrastructure.
Utkarsh Kawatra, Co-Founder of myHQ, stated, “This investment underlines our investors' confidence in our model that offers greater value to those who are looking for a workspace. Using existing excess real estate inventory available with third-parties, not only reduces our financial risks but also allows us to offer workspaces to our customers at an extremely affordable price.”
Vinayak Agrawal, Co-Founder, myHQ, added, “This fundraise not only reaffirms the business but also reflects the growing demand for such spaces by the modern workforce.”
Also Read: Why Co-Working Space Is Gaining Popularity?
3 Reasons for the popularity of Co-Working Spaces
Co-working spaces are cost-effective options with a larger opportunity to flourish. It has also offered opportunities to the real estate market and has emerged as an appealing choice for property owners looking for the efficient use of vacant spaces.
Another reason for co-working space’s popularity is the level of flexibility according to the capability and quality of business needs. The flexibility is in terms of rental agreements, improved networking, introduce extensible teams, pay as you use options, etc.
Also, as the businesses keep growing, co-working spaces provide the viable option to scale the team and give an advantage of centrally-located businesses at much more affordable prices and low start-up costs. Furthermore, co-working spaces act as the hub whereby businesses no longer have to sacrifice the location quality for more affordable monthly rent and utility costs.
Big companies are running through franchise models in the co-working space and are also earning greater profits in their field. Brands such as Co-offize and Innov8 are the established players in the field and operate via a franchising model. The reach of such concepts is multiplied via franchising as it is a very low-cost model.
The co-working franchises will take over the whole market in the coming future.