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- Category: Coworking Industry
Delhi headquartered myHQ, a unique collaborative coworking model in India has raised a funding of 5,00,000 USD in a round led by Anupam Mittal (Founder of People Group – Shaadi.com). The round also saw participation from Sachin Bhatia (Founder of TrulyMadly and MakeMyTrip), Nitish Mittersain (CEO & Founder of Nazara Tech), Singapore Angel Network, Outbox Ventures, GEMBA Capital and other angel investors from the online platform LetsVenture.
Interestingly, myHQ is Anupam Mittal’s second investment in co-working space segment within a month, as he recently invested an undisclosed amount in StayAbode, a start-up that is building co-living spaces.
Being one of the fastest growing and innovative co-working start-ups in India, myHQ plans to utilize the funds in expanding to over 200+ spaces across 3 cities, strengthen its technology to provide a standardized and consistent work experience and to build a strong offline and online community.
Founded in 2016 by IIT Delhi alumnus Utkarsh Kawatra and Vinayak Agarawal, myHQ is disrupting the coworking market with its unique model. Unlike other co-working spaces in the market, myHQ is building a chain of collaborative work spaces by taking up curated spaces inside well designed cafes, lounges and offices. Whether it is a pub which is not operational during the day or a café which has unused inventory – myHQ exclusively focusses on such spaces and converts them into hassle-free work zones. myHQ already has a strong presence in Delhi/NCR with over 60 spaces and 4000+ community members using the spaces regularly.
myHQ with its subscription based model frees the user from all the hassles of a workspace: Free from deposit, free from monthly rental, free from commitment to any one work space. With a myHQ subscription, the users get access to myHQ spaces at all its location with lifetime validity and standardised work amenities such as high speed Wi-Fi, office stationery, free printing, optimal lighting and seating, and exclusive F&B offers.
Commenting on the development, Utkarsh Kawatra, Cofounder & CEO of myHQ, said, “Our expansion plans with this round of funding are totally in sync with our aim to provide plug-n-play and affordable workspaces in every neighbourhood. With the growing demand for coworking across the country, our asset light technology enabled approach sets us apart and ensures we are able to run operationally profitable centres in each neighbourhood while being the most economical solution in the market”
Talking about the investment, Anupam Mittal, Founder of People Group (Shaadi.com), said, “India is primarily an SME and freelance economy which is only going to accelerate in the coming years. The major coworking space players in India are geared more towards corporates and can be too expensive for the SME/freelancer market- On the supply side, India is a high rent retail market and so existing spaces like cafes, offices, hotels need to supplement their income. myHQ provides a neat, technology enabled way to do this”
Beyond proving a work space, myHQ also supports freelancers and SMEs by helping them grow their business. The myHQ mobile app provides the users a platform to manage their subscription, reserve spaces and network with other like-minded community members.
In addition, Outbox Ventures and Angad Pasricha of TCNS (/W for Women) were the initial investors in myHQ with a funding of 100,000 USD in July 2016.
Other Investments in Co-Working Space Segment
In April, Gurgaon-based co-working spaces startup, GoWork, also announced that it is targeting to invest $1 billion (~ Rs 6,500 crore) over the next five years in setting up its 50 shared offices across India.
Last September, popular co-working firm 91springboard raised $20 million from Sandway, Pearl Brook, AMA Holdings, Silo Holdings and Al Nour.
Last August, New York-based WeWork, the world’s top co-working startup by valuation, starts building a core team to enter the National Capital Region and received whopping $4.4 billion investment from Japan’s SoftBank.
Earlier in July 2017, WeWork opened its first community workspace in India – ‘WeWork Galaxy”, in Bengaluru’. As per the Crunchbase website, WeWork has raised nearly $10 billion in funding since it was launched.
In June 2017, another co-working venture, BHIVE Workspace, raised $1.2 million from Blume Ventures and others.
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