Delhi-based ONE Co.Work provides affordable shared space for cash-strapped new startups
While starting up can be a thrilling experience, the task of finding the right place for your venture can sometimes prove to be a great dampener. Himanshu Bindal had a similar experience while looking for a workspace for his sister, who wanted to start an online marketplace for gems and jewellery.
But work may finish with finding the right workplace at a reasonable price, as Himanshu, 24, realised. He recalls how his sister was saddled with excessive and time-consuming paperwork with innumerable clauses. Then there are administrative hassles of running an office. These are issues that any new startups can easily do without, given that they already have so much on their plate to get a fledgling business up and running.
Himanshu, an alumnus of Bradford University, SP Jain Institute of Management, and London School of Economics, says,
"This experience led me to dwell on a concept that enabled easy access to a workplace where all such hassles were eliminated. Any business or startup could just walk in, do the minimal paperwork, and enjoy an extensive range of facilities handcrafted for it.”
With a seed capital of Rs 30 lakh, Himanshu founded One Internet in October 2015, an end-to-end office space provider for entrepreneurs and startups in central and west Delhi. Ramping up its operations to offer comprehensive support services to startups and entrepreneurs, One Internet has now been rebranded as ONE Co.Work. Under the umbrella brand of ONE Co.Work, the company offers a unique product titled Oneco.Cafe, which converts cafes into co-working spaces. The company also plans to launch an incubation programme six months down the line.
The portfolio of services under ONE Co.Work includes state-of-the-art open and private offices, hot desks, high-speed Internet (LAN and Wi-Fi), conference rooms, HR/admin/reception/IT support, legal services, networking and mentoring sessions, membership privileges, as well as business addresses for web, print and mails.
Since the launch of the platform, ONE Co.Work has catered to the needs of over 100 startups and entrepreneurs. Working on a lean workforce of 17 professionals, the platform’s target market comprises solopreneurs, musicians, SMEs, small business owners, freelancers and anyone who desires a flexible and affordable working space. Its payment models are designed on hourly, daily, weekly and monthly basis.
Over the next three months, the company will foray into Bengaluru, the startup epicentre, as well as business hub Mumbai. Says Himanshu,
“Before venturing into the co-working industry, one must be completely aware of the fact that you are going to cater to the broadest range of clients – each having a different set of requirements. Hardcore programmers demand state-of-the-art IT infrastructure. While corporate ventures need constant access to conference rooms. Above all, everyone will require the essential features within the premises, including reception, administrative assistance, even stationery and snacks, and legal support.”
What can startups avail?
The workspace can accommodate 270 startups across all its spaces. The workspace is currently available in Connaught Place, Netaji Subhash Place, and Gurugram. The rates vary from space to space, ranging from Rs 9,000 to 13,000 for a monthly fixed desk. The startup is adding 300 more seats in the Connaught Place office by May 2017.
The startup claims its month-on-month revenue growth to be 20 percent and intends to be operational in 20 cities in a span of three years. In the next fiscal year, the startup is expecting to log a revenue of Rs 70 crore.
Co-working spaces — the next big thing
The concept of co-working spaces took off when the startup revolution created ripples in India. According to a NASSCOM report, India will be home to over 10,500 startups by 2020, employing over 210,000 people. Co-working spaces allow startups to share space and basic amenities like stocked pantry, cultural and de-stressing activities, to cut down costs in infrastructure and funnel funds into the business, to maximise productivity.
The culture and effectiveness of sharing the workspace has given a fillip to the market for co-working spaces by contributing to a flourishing startup ecosystem. If startups are looking for more affordable and better workspace, they have several options: Mumbai-based Bombay Connect (daily pricing of Rs 500, and monthly rent of Rs 3,000), Bengaluru-based BHIVE (daily rate of Rs 305, and monthly for Rs 5,000), Jaipur-based Wired Hub (monthly rate of Rs 3,500), Bengaluru-based CoWrks (monthly rental starting at Rs 10,499) and Bengaluru-based Instaoffice (daily rate starting at Rs 350 and Rs 4,000 for a fortnight).
Website: ONE Co.Work