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Hub and Oak to set up 2 new coworking centres in Delhi with 1,000 seating capacity

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Press Trust of India  |  New Delhi 

Co-working start up Hub and Oak will soon open two new centres in the national capital comprising 750 seats with an investment of about Rs 4 crore, a top company official said.

Founded by Srishti Dhir in 2017, Hub and Oak currently has four coworking centres comprising 300 seats in the national capital. These centres are at Defence Colony, Bhikaji Cama Place, Nehru Place and Jasola.

"We are coming up with two new centres in Delhi by the end of this year. The locations have already been finalised. These new centres will take our capacity to over 1,000 seats," Dhir said.

The company focuses on providing workspace solution to professionals such as lawyers and chartered accountants, she added.

Hub and Oak provides seats in a price range of Rs 10,000 to Rs 12,000 per month.

Dhir said the company has invested about Rs 1.2 crore to set up these four operational centres and will put in Rs 4 crore more on these two new co-working facilities.

Asked about revenue, she said the company's revenue is Rs 20 lakh per month currently and this will reach Rs 60 lakh with opening of these new centres.

"We operated one centre in defence colony for over two years at 100 per cent occupancy before we decided to expand and grow this business. Now, we want to expand and open centres across India through blitz-scaling strategy," said Dhir, who is an alumni of London Business School.

Coworking segment has been performing well in India because of demand for quality flexible office space from corporates and startups.

According to property consultant JLL India, office space taken up by co-working operators was 13 per cent of the overall net leasing of 32.7 million sq ft during the first nine months of 2019.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, October 29 2019. 16:10 IST
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