myHQ, a Delhi-NCR based co-working space provider, has raised $1.5 million in its pre-series A round. This investment was led by IndiaQuotient and Singapore-based family office RB Investment. Existing investors Anupam Mittal & Nitesh Mittersian and angels from LetsVenture also invested in this round. Founders Utkarsh Kawatra and Vinayak Agrawal look forward to expanding operations, investing in tech-savvy infrastructure and venturing into new cities including Mumbai and Bangalore.
Since its establishment in 2016, myHQ has been empowering its clientele with workspace solutions. The company enables offices, cafes, restaurants, etc to utilise their space as a co-working solution on a revenue-share basis. Users can reserve a seat at any of myHQ’s co-working spaces at either INR 250 per day or subscribe on a monthly basis paying between INR 5,000 – 8,000. Post-subscription, users get a myHQ pass. Users can work at any of the 100+ myHQ workplaces across NCR with this pass. Also, users get credits against the subscription fee. Food bills can be paid using these redeemable credits at any myHQ cafe. And, users can work out from any myHQ workplace at only 200 credits per visit. myHQ pass never expires. This means that users can leverage the passes throughout the year. Moreover, users are charged only for the visits they make.
Providing high speed internet connection, tech equipment and stationary in a flexible manner and at relatively affordable prices, myHQ today has over 8,000 subscribers and 130+ co-working spaces.
Despite competing with major players such as Oyo, WeWork, 91springboard & Awfis, myHQ is seeing a 15% month-on-month growth. In FY 2019, the company’s revenue increased five times. At present, the company is working on implementing a corporate solution. This solution will allow corporates to subscribe to a co-working plan, subsequently allowing remote employees to utilise the company’s spaces when needed.
Co-founder Vinayak Agrawal observed that most users look for spaces near metro stations. therefore, they will utilise these funds to come up with more work stations within 1 km of metro stations in Delhi-NCR.
As a matter of fact, myHQ had raised its seed round through LetsVenture in 2017.
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