Delhi-based coworking space startup myHQ has raised ₹3.43 crores ($500,000) in a funding round led by a number of angel investors including Singapore Angel Network, Outbox Ventures, GEMBA Capital and LetsVenture.
Other startup enthusiasts that participated in this round included Anupam Mittal, founder of Shaadi.com, Sachin Bhatia of MakeMyTrip, along with Nitish Mittersain of Nazara Tech.
The funds raised will be used to expand to over 200 spaces across three cities, along with building a strong offline and online community of over 10,000 members across all locations.
myHQ provides coworking space for businesses by redesigning existing cafes, lounges, offices spaces to provide a perfect affordable place to work and network. It was founded by Utkarsh Kawatra and Vinayak Agarawal in April 2016. Both the founders have graduated from IIT Delhi. It is available in over 40 locations across Delhi, Gurugram, and Noida.
myHQ provides various subscription plans for its clients to choose from, based on their needs and requirements like meetings, events, etc. It also provides subscription-based plans to let the users choose the one that suits them the best, these plans also include various other offers like redeemable credits that can be used at their spaces for food, beverages, etc.
“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. Therefore, the well constructed vacant cafes and lounges in the market give us the prospect to turn them into innovative co-working spaces during their off-peak hours,” said Utkarsh Kawatra, co-founder of myHQ.
With the growth of the startups in India, the market size for coworking space in the country ranges from 12 to 16 million seats. The startup is looking to target the vast untapped market of freelancers, upcoming startups by providing them with coworking spaces loaded with all the necessary amenities and helping them network with like-minded people.
Other Indian startups catering to this domain include Awfis, WeWork, BHIVE Workplace, Innov8, 91springboard, among others.
In a recent news, Awfis has secured ₹137.43 crores ($20 million) in series C funding.