Office-sharing firm One Co.Work acquires Mumbai-based IShareSpace


Delhi-based One Internet Pvt. Ltd, which offers co-working spaces under the brand name One Co.Work, has acquired Mumbai-headquartered IShareSpace.

IShareSpace has been acquired for about Rs 3.5 crore ($475,000), One Internet said in a statement, without elaborating whether the deal was all-cash/stock or cash-cum-stock transaction.

After acquisition, One Co.Work’s capacity will increase to eight centres and over 1,500 seats. Through the purchase, Delhi-based One Co.Work will foray into Mumbai. IShareSpace owns five centres and 750 seats.

As part of the deal, IShareSpace’s clients will be served by the same old staff, the statement added.

Founded in 2016 by Priyanka Krishnan and Aayush Maheshwari, IShareSpace established its first centre in Mumbai and went on to launch co-working spaces in Gurugram, Bengaluru and Chennai. Krishnan holds a degree in master of business administration from Imperial College London and a bachelor’s degree in commerce from Mumbai University. Maheshwari is a graduate from Arizona State University, going by LinkedIn, a professional networking site.

Founded in 2015 by chief executive Himanshu Bindal, One Co.Work is an office space provider and has six facilities across six locations in three regions: Delhi, NCR (National Capital Region) and Bengaluru. Bindal holds a master of business administration degree from Manav Sthali, Delhi. The current acquisition is in line with One Co.Work’s recent initiative, EcoSpaze, which offers affordable office-space to bootstrapped startups, the statement said.

Recent deals in co-working space

The co-working space has seen funding for Awfis, IndiQube, 91springboard, BHIVE and Innov8, among others.

Earlier this month, Delhi-based co-working space provider Innov8, operated by Guerrilla Infra Solutions Pvt. Ltd, raised $4 million (almost Rs 30 crore) in a pre-Series A round led by Credence Family Office.

The space saw another acquisition deal in August when Gurugram-headquartered AltF CoWorking made its first acquisition by buying Daftar India, a Noida-based co-working centre.

In July, co-working space startup IndiQube, operated by Innovent Spaces Pvt. Ltd, raised $15 million (close to Rs 100 crore) in a Series A round from WestBridge Capital Partners, a public markets-focused private equity firm.

In the same month, Delhi-based Awfis Space Solutions Pvt. Ltd, which offers shared working spaces, raised $20 million in its Series C round, making it the largest funded Indian entity.

In July last year, SoftBank-backed global office-sharing company WeWork launched in India through a joint venture with Bengaluru-based property developer Embassy Group. According to its website, WeWork operates 22 co-working centres across Bengaluru, Delhi-NCR (National Capital Region) and Mumbai.

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