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Freelancers, startups drive demand for co-working spaces in Bengaluru
Economic Times
·
1y ago
Medial
The demand for co-working spaces in Bengaluru is on the rise, with startups opting for more flexible offices to save on costs and provide networking opportunities. Co-working spaces offer startups the flexibility of leasing contracts and a variety of options, reducing initial costs associated with traditional office spaces. Bengaluru has become the top city for flexible offices in India, with 39% of operational flex space. While the demand in 2023 is slightly slower compared to 2022, there is still optimism about the demand for co-working spaces in the coming year.
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Angel Investors Acquires Co-Working Space Let’s Work For An Undisclosed Amount
OutlookIndia
·
2y ago
Medial
Angel Investors, a group of investors, has acquired Let's Work, a co-working space provider, for an undisclosed amount. Let's Work offers shared office spaces and facilities to freelancers, startups, and small businesses. The acquisition by Angel Investors aims to strengthen Let's Work's position in the market and support its expansion plans, providing a collaborative and conducive work environment for entrepreneurs and professionals. Let’s Work Founder Kushagra Awasthi plans to start a new venture in the co-working and leasing industry.
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Flex spaces boom as the office goes to the employee
Livemint
·
9m ago
Medial
Indian flexible space providers, such as Awfis Space Solutions, WeWork India, IndiQube, and Urban Vault, have experienced significant revenue growth since the pandemic. The demand for alternative workspaces closer to employees has risen among corporates, startups, and professionals. The flexible office segment, including co-working and managed workplaces, has witnessed expansion, with capacity additions of 8-9 million square feet each in 2022 and 2023. This growth has prompted many space providers to go public, including Awfis, Smartworks Coworking Spaces, WeWork India, Simpliwork Offices, IndiQube, and Table Space Technologies. Global capability centres, along with traditional IT services and business process management, are driving the demand for co-working and managed workplaces.
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OYO-owned Innov8 sells 3% stake at Rs 1,000 crore valuation to expand co-working business
Economic Times
·
1m ago
Medial
OYO-owned co-working firm Innov8 has sold a 3% stake at a valuation of Rs 1,000 crore to expand its flexible workspace offerings, driven by growing demand. Raymond Family Office led the investment, acquiring nearly 2%. Innov8, founded in 2015 by Ritesh Malik, manages over 30 centers in 10 Indian cities. It reported Rs 62 crore profit for 2023-24, capitalizing on corporates' preferences for cost-efficient co-working spaces post-COVID.
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Grapevine: Three firms make cut for O2 Power; co-working platforms eye IPOs
VCCircle
·
11m ago
Medial
Three firms, I Squared Capital, JSW Neo Energy, and Macquarie Group, have made the shortlist to submit binding bids for the acquisition of renewable energy platform O2 Power. The deal, which could value the equity at $1 billion and enterprise at $2.3 billion, is expected to attract significant interest. In other news, co-working platforms are eyeing initial public offerings (IPOs) as demand for flexible working spaces continues to grow.
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Bhive Workspace rents space in Adani Inspire in Mumbai’s BKC at ₹1.2 cr per month
Thehindubusinessline
·
1y ago
Medial
Bengaluru-based co-working operator Bhive Workspace has leased over 62,000 sq ft of space in Mumbai's Bandra Kurla Complex. The lease, for a period of five years, comes with a starting monthly rent of over INR 1.2 crore ($167,000). The rental agreement includes a 15% escalation after three years and the entire period of the lease is locked in for the renter. Bhive plans to use the space to establish co-working and managed spaces, including data and server rooms and a cafeteria. The licence commencement date is March 2, with a rent-free period of eight months for fit-out works.
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WeWork India CEO Highlights Surging Demand for Co-Working Spaces in the Country
Business Bytes
·
1y ago
Medial
The co-working industry in India is experiencing remarkable growth, with the demand for flexible office spaces doubling over the past year, according to Karan Virwani, CEO of WeWork India. This surge in demand is indicative of the evolving work preferences and the influence of India’s young demographic on shaping contemporary work environments. As a testament to this trend, WeWork India has recently expanded its footprint by leasing a substantial 54,000-square feet office space in New Delhi.
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IPO-bound Awfis’ Amit Ramani on the startup’s differentiated business model, demand for co-working spaces in India
Money Control
·
1y ago
Medial
Awfis Space Solutions, India's largest flexible workspace solutions provider, is set to become the first co-working startup to be listed on the domestic bourses with its upcoming IPO. The company's business model of managed aggregation of co-working spaces and profit-sharing partnerships with institutional landlords has allowed it to remain capital light and achieve demand predictability. Awfis has expanded to 169 locations across 16 cities, offering over 105,000 seats. The IPO has been set at a price band of Rs 364 to Rs 383 per share, valuing the company at around $318 million at the upper end of the price range.
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WeWork India debuts in Chennai with launch of first co-working space in the city
Economic Times
·
1y ago
Medial
Flexible workspace provider WeWork India has opened its first co-working space in Chennai, marking its 55th building in the country. Located in Olympia Cyberspace, the facility covers 130,000 sq ft and offers 2,000 seats across two floors. WeWork has already secured members including Wheelocity Fresh, Molex India, Dr. Wamser + Batra India, and H2O LLC. The company sees Chennai as a thriving business hub for freelancers, entrepreneurs, enterprises, and Global Capability Centres, with strong demand across various industries including agri-tech, IT/ITES/HR, and manufacturing. WeWork India plans to open three to five more locations in Chennai within the next 12 to 18 months.
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Making Sense Of The Coworking IPO Boom In India
Inc42
·
8m ago
Medial
Indian coworking space startups are taking advantage of the demand for office spaces as companies transition back from remote work. Players like Awfis, SmartWorks, and DevX are capitalizing on the gap in supply and demand, which has led to their growth trajectory and entry into public markets.
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Exclusive: Smartworks converts into public company
Entrackr
·
1y ago
Medial
Co-working space solutions provider Smartworks has converted itself into a public company. This marks the company’s concrete step towards its planned initial public offering (IPO). The board at Smartworks has approved the resolution to change the company’s status from private to public. Its name has now changed from Smartworks Coworking Spaces Private Limited to Smartworks Coworking Spaces Limited. The development comes on the heels of Smartworks’s $20 million funding round from Keppel, Ananta Capital Ventures Fund I, and others. Smartworks provides managed office spaces by leasing properties from real estate developers and subsequently subleasing them to enterprises or companies. The company has a presence across Delhi-NCR, Kolkata, Bengaluru, Chennai, Pune, Hyderabad, and others. As of March 2024, Smartworks has a presence in as many as 13 cities including Bengaluru, Kolkata, Delhi NCR, Mumbai, and Pune, and a portfolio of 41 centers spanning 8 million square feet. To date, the co-working space firm has raised over $50 million, including a $25 million raise from the Singapore-based Keppel Land in 2019. As per startup data intelligence platform TheKredible, NS Niketan LLP, which includes founder Neetish Sarda, among others, controls more than 45% stake in the company as of the last funding round. Smartworks demonstrated robust financial growth, with its scale nearly doubling to Rs 744 crore in FY23. However, like many growth-stage companies, its losses also rose by 44% to Rs 101 crore during the same period. The company is yet to file its annual results for FY24. In the co-working space, Awfis became the first Indian startup to get listed on the stock exchange. The Peak XV-backed firm was oversubscribed by more than 100x on the final day of bidding.
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