On-demand workspace provider myHQ has raised $1.5 million in its pre-Series A round of funding led by India Quotient. The round also saw 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, among others.
myHQ said it plans to utilise the funds to expand into new cities, introduce new product offerings and invest in their technology infrastructure.
Founded in 2016 by Kawatra and Agrawal, myHQ uses an asset-light model to enable workspace solutions for its clients. The company is working on a revenue-share basis with spaces such as coworking spaces, offices, restaurants, cafes etc to utilise their space as a coworking solution. It offers two solutions, where a user can either book a seat for INR 200/day under its visit-based model or book a monthly seat for INR 5K-INR 8K a month. All places offer standard workspace amenities including high-speed Internet access, printers, scanners and stationery. The startup offers workspaces across 120+ locations in the Delhi-NCR region.
Said Utkarsh, Co-founder, myHQ, “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 customer at an extremely affordable price and focus on building technology to provide a controlled work experience.”
This fund raise not only reaffirms the business, but also reflects the growing demand for such spaces by the modern workforce, said Vinayak Agrawal, co-founder, myHQ.
According to myHQ, its clientele includes independent freelancers, business travellers, working professionals, and companies. In addition to individual customers, myHQ also serves large enterprises who need flexible working locations for their mobile sales or remote teams.
“As we look to build an engaged offline-online community of over 50,000 working professionals, we are excited about expanding our community offerings and enhancing our technology to provide a more seamless work experience. The new funds will help us further build our community and strengthen our technology,” Vinayak added.
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