Co-working platform myHQ raises USD 1.5 mn to fund expansion

Co-working platform myHQ on Wednesday sait it has raised USD 1.5 million (around Rs 10.7 crore) from investors including India Quotient to fund expansion plan.

The startup has been founded in 2016 by two IIT Delhi graduates - Utkarsh Kawatra and Vinayak Agrawal. It offers workspaces across 120+ locations in Delhi-NCR region at places like restaurants, cafes, co-working centre and office complexes that have excess inventory.

"myHQ has raised USD 1.5 million in its pre-Series A round led by India Quotient. The round also saw investments from Singapore-based family office RB Investments, Ashish Goenka from Suashish, angels from the online platform LetsVenture and participations from existing investors (Anupam Mittal and Nitish Mittersian amongst others)," the company said in a statement.

myHQ said it plans to utilise the funds to expand into new cities, introduce new product offerings and invest in their technology infrastructure.

"This investment underlines our investors' confidence in our model that offers greater value to those who are looking for a workspace. Using existing excess real estate inventory available with third-parties, not only reduces our financial risks but also allows us to offer workspaces to our customer at an extremely affordable price, said Utkarsh Kawatra, Co-founder, myHQ.

This fund raise not only reaffirms the business, but also reflects the growing demand for such spaces by the modern workforce, said Vinayak Agrawal, co-founder, myHQ.

According to a report by global property consultant Cushman & Wakefield, there are 1,000 operational coworking centres, with a capacity of over 4 lakh seats, across top six cities -- Delhi-NCR, Bengaluru, Mumbai, Pune, Hyderabad and Chennai.

The number of flexible space operators has risen from single digits to about 350 over the last 3-4 years.