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Freelancers, startups drive demand for co-working spaces in Bengaluru

Economic Times

Economic Times · 1y ago

Freelancers, startups drive demand for co-working spaces in Bengaluru

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.

Related News

Angel Investors Acquires Co-Working Space Let’s Work For An Undisclosed Amount

OutlookIndia

OutlookIndia · 2y ago

Angel Investors Acquires Co-Working Space Let’s Work For An Undisclosed Amount

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.

Flex spaces boom as the office goes to the employee

Livemint

Livemint · 9m ago

Flex spaces boom as the office goes to the employee

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.

IQue Ventures launches Rs 600 crore ‘Startup Park’, aims to create over 10,000 jobs - The Economic Times

Economic Times

Economic Times · 14d ago

IQue Ventures launches Rs 600 crore ‘Startup Park’, aims to create over 10,000 jobs - The Economic Times

IQue Ventures has launched 'Startup Park', a Rs 600 crore initiative dedicated to supporting startups, beginning with a Rs 50 crore facility in Bengaluru opening on September 15. The project aims to support more than 200 startups and create over 10,000 jobs within six quarters. Offering infrastructure, funding access, mentorship, and collaborative networks, the initiative seeks to address challenges faced by early- and growth-stage startups, providing a range of services including investor pitch studios, research labs, and co-working spaces.

OYO-owned Innov8 sells 3% stake at Rs 1,000 crore valuation to expand co-working business

Economic Times

Economic Times · 2m ago

OYO-owned Innov8 sells 3% stake at Rs 1,000 crore valuation to expand co-working business

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.

Grapevine: Three firms make cut for O2 Power; co-working platforms eye IPOs

VCCircle

VCCircle · 11m ago

Grapevine: Three firms make cut for O2 Power; co-working platforms eye IPOs

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.

Bhive Workspace rents space in Adani Inspire in Mumbai’s BKC at ₹1.2 cr per month

Thehindubusinessline

Thehindubusinessline · 1y ago

Bhive Workspace rents space in Adani Inspire in Mumbai’s BKC at ₹1.2 cr per month

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.

WeWork India CEO Highlights Surging Demand for Co-Working Spaces in the Country

Business Bytes

Business Bytes · 1y ago

WeWork India CEO Highlights Surging Demand for Co-Working Spaces in the Country

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.

IPO-bound Awfis’ Amit Ramani on the startup’s differentiated business model, demand for co-working spaces in India

Money Control

Money Control · 1y ago

IPO-bound Awfis’ Amit Ramani on the startup’s differentiated business model, demand for co-working spaces in India

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.

WeWork India debuts in Chennai with launch of first co-working space in the city

Economic Times

Economic Times · 1y ago

WeWork India debuts in Chennai with launch of first co-working space in the city

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.

Making Sense Of The Coworking IPO Boom In India

Inc42 · 9m ago

Making Sense Of The Coworking IPO Boom In India

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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