Spring House Coworking to open 12th centre; plans to raise USD 2 mn for expansion

Spring House Coworking has taken 21,000 sq ft office space on leases in Gurugram, Haryana, to open its 12th centre; and plans to raise USD 2 million for further expansion, a top company official said on Monday.

The Gurugram-based startup has taken space in Galaxy group's Good Earth Business Bay commercial project to set up a 350-seater coworking centre.

At present, Spring House has 11 coworking operational centres, totalling 1,23,500 sq ft area and around 2,050 seats, in Gurugram, Noida, Delhi and Lucknow.

"We recently opened our flagship property of 30,000 sq ft at MG Road, Gurugram, and now taking another property on lease in the same city proves the growing demand of the co-working spaces here. This centre will be operational by the end of this month, said Mukul Pasricha, Founder, Spring House Coworking.

He said the company has not yet raised funds to run its operations, but is now looking at it for expansion in other major cities like Bengaluru, Mumbai, Hyderabad and Pune.

"We need USD 2 million for expansion," Pasricha said.

"The shared/flexible workspace trend has seen a rapid boom in the past few years in India. The demand for coworking spaces was initially taken up by startups, freelancers and small business owners and now MNCs and enterprises have taken the plunge," he said.

The number of coworking operators in the country is close to 500 and they collectively operate approximately 950 centres, Pasricha said.

In its latest report, property consultant Colliers has estimated that leasing of office space by coworking operators would touch record 8.8 million sq ft this year. It also expects major consolidation in this segment from next year onwards.