[Funding alert] Singer Sukhbir Singh invests in coworking space provider Nukleus
Bollywood singer Sukhbir Singh has invested an undisclosed amount in Noida-based coworking and managed office space provider Nukleus.
As part of the deal, Sukhbir Singh will join the advisory board of the startup as an active member.
Sukhbir has recently started angel investments with Gurugram-based LQI, followed by Amritsar-based eBikeGo, Jaipur-based MEngage, and Goa-based Real Learning. He is evaluating more startups based out of India.
Founded in 2018, Nukleus said it has rapidly emerged as one of the biggest coworking companies in Delhi-NCR region. With the focus to cover major Tier I and II cities, Nukleus is aiming to open 10+ coworking centres across the country.
Founder and CEO of Nukleus Nipun Gupta expressed his deep interest in adding more value to the Indian office ecosystem, through collaborations and expansions in the coming years.
Sukhbir and Nipun are excited to share a similar vision of making a difference in the way people spend time at the workplace, and make future workplaces more accessible, affordable, productive, and startup-friendly.
Startup Buddy acted as the investment advisor for this strategic capital infusion. It is a one-stop solution offering end-to-end accounting, financial, and advisory services using high end technology and providing customised, professional, and holistic solutions.
A recent report by property consultancy JLL India predicts fast growth for India’s coworking industry. Coworking service providers have taken space from 1.11 million sq ft in 2017 to 3.44 million sq ft in 2018, indicating rapid growth of the sector. Small and Medium Enterprises (SMEs) along with individual professionals, together contribute 35-40 percent of the demand for co-working space, followed by startups which is 15-20 percent.
The biggest players operating in this space are WeWork, CoWrks, and Awfis among others. SoftBank-backed hospitality unicorn OYO, in July, also marked its entry into this segment with the acquisition of Delhi-NCR-based Innov8 for Rs 220 crore. Innov8 is now part of OYO’s larger segment, Oyo Workspaces, led by Rohit Kapoor, CEO, New Real Estate Businesses.
(Edited by Teja Lele Desai)