New Delhi-based co-working startup One Co.Work has acquired Mumbai-based office-sharing startup IShareSpace, marking the former’s first acquisition. While the details of the deal remain undisclosed, the acquisition is worth around ₹3.5 crores.
Post acquisition, IShareSpace’s existing clients will continue to be served by the same staff, in order to ensure a smoother transition for clients.
One Co.Work will now have eight centres, with more than 1,500 seats to offer for its clients.
IShareSpace was founded by Priyanka Krishnan, an Imperial College of London alumnus and Aayush Maheshwari, a graduate from Arizona State University in 2016. The startup provides contemporary workspaces for different businesses and entrepreneurs, based on their needs. Starting in Mumbai, the startup now offers co-working spaces across Mumbai, Gurugram, Bengaluru, and Chennai, offering 750 seats.
One Co.Work, operated by One Internet was founded by Himanshu Bindal in 2015. The startup offers flexible plug-and-play office spaces for entrepreneurs, SMEs, startups, and freelancers.
The startup’s latest acquisition is in line with its recent initiative, EcoSpaze, offering affordable office spaces for startups with low budgets, but high passion.
Earlier this month, New Delhi-based coworking startup Innov8 raised $4 million in pre-series A funding round led by Credence Family Office.
In July 2018, coworking space provider myHQ raised ₹3.43 crores in funding. Also, Awfis raised $20 million in series C funding from existing investors Sequoia Capital, innoVen Capital, and The Three Sisters: Institutional Office (TTS:IO).
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.
The market size for coworking space in the country ranges from 12 to 16 million seats.