Delhi-based myHQ, the co-working startup platform which converts a coffee shop into a workplace has snagged a pre-Series A round investment worth $1.5 million. The latest financing has been led by India Quotient with participation from Singapore-based family office RB Investments, Ashish Goenka from Suashish, angels from online platform LetsVenture, and existing investors Anupam Mittal and Nitish Mittersian. Prior to this financing, myHQ had bagged $500K in the seed round which was infused by Shaadi.com founder Anupam Mittal. The current round takes the total amount secured by the firm to $2.1 million.
Founded in 2016 by IIT Delhi graduates - Utkarsh Kawatra and Vinayak Agrawal, the firm offers on-demand co-working spaces to its clients. It helps spaces such as co-working spaces, offices, restaurants, cafes, etc to utilize their space as a coworking solution and then share revenue.
Utkarsh, the co-founder of the firm talking about the investment stated that “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 customers at an extremely affordable price and focus on building technology to provide controlled work experience."
India Quotient partner Prerna Bhutani talking about the firm said, “myHQ’s asset-light business model makes it a strong contender for capturing the growing demand for co-working spaces in the country. They have built an early differentiator though offerings that cater to various segments of working professionals, at very attractive price points. We are very excited to partner with them on their future journey as they look to scale.”
With the aim of utilizing the firm for its expansion in new cities and the launch of more products, the funding has come at the perfect time for myHQ.
Image Courtesy : coworker