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Plus Offices invests USD 2 mn to set up two coworking centres; to raise USD 5-10mn

Press Trust of India  |  New Delhi 

Co-working operator Plus Offices on Saturday said it has invested USD 2 million to set up two centres in Gurugram and is looking to raise up to USD 10 million for expansion.

Founded in 2018, Plus Offices has launched two centres in Gurugram, Haryana, which have a total of about 2,800 seats spread over 1.55 lakh sq ft area.

"We have invested around USD 2 million to set up these two centres with seed funding from angel investors," Plus Offices Chief Operating Officer Ravi Kikan said.

The first centre, comprising 45,000 sq ft and 800 seats, has 80 per cent occupancy, he added.

Kikan said the second centre has two phases, each having 55,000 sq ft area and 1,000 seating capacities. The first phase is 40 per cent leased out.

"We have launched the second phase as well focusing on customised workspace solution. A large US firm has taken up 5,500 sq ft area recently," he added.

On expansion, kikan said the company is looking to set up more centres in tier II and tier III cities to meet rising demand for flexible space.

"We are in the process to raise USD 5-10 million fund to implement our expansion plan," he said.

Kikan said the company's aim is to be the one-stop solution for startups and SMEs, not just for their workspace requirements but also for strategic growth.

"With our seamless operations, the current revenue run rate will touch around USD 1 million by the next quarter end," he said.

Plus Offices also shares alliance with angel investors Anil Kumar and Amit Mavi for strategic real estate partnerships.

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

First Published: Sat, August 10 2019. 16:15 IST
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