Coworking space provider GoWork in talks to raise ₹1,375 crores

Co-working space provider GoWork in talks to raise ₹1,375 crores
Co-working space provider GoWork in talks to raise ₹1,375 crores

Gurugram-based GoWork is in talks with private equity funds to raise around ₹1,375 crores ($200 million). The funds raised will be used to expand its presence in the country by opening 50 centres across major cities.

“We are looking at scaling up the business further by adding a minimum of one lakh square feet of co-working space,” said Sudeep Singh, co-founder, GoWork. He also said that the startup is in talks to with international institutional players to raise funds, although he didn’t specify the names of any of the potential investors.

GoWork, a coworking space provider startup, was founded by Nimit Mahajan (Co-founder), Sanjeev Mahajan (Chairman) and Sudeep Singh (Chief Evangelist) in 2017. GoWork is among the largest co-working ecosystem in the world that aims to craft a collaborative work space globally to help entrepreneurs, investors, accelerators, among others.

GoWork currently has two working spaces in Gurugram, both in Udyog Vihar Phase 2, with a combined capacity of 12,000 seats spread across 8 lakh square feet. It provides a comprehensive working environment with all the necessary amenities for its customers.

The startup is planning to expand to new cities including Mumbai, Bengaluru, and Hyderabad, along with tapping into tier-2 and tier-3 cities, through joint-ventures and as well as a company-owned model.

Other startups competing with GoWork in the coworking space include Awfis, CoWrks, 91springboard, BHIVE Workspace, Innov8, myHQ among many others.

Last month, Awfis secured around ₹137 crores in series C funding, while New Delhi-based myHQ had raised ₹3.4 crores in a funding round.

With the rising number of startups, the need for coworking spaces is increasing in the country. As per JLL, coworking firms alone leased 19 lakh square feet of office space across the country during January-June 2018, this number increased from 6.4 lakh square feet, during the same period a year ago.

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