[Funding alert] On-demand workspace provider myHQ raises $1.5M in pre-Series A led by India Quotient
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 to new cities, introduce product offerings, and invest in its technology infrastructure.
Prerna Bhutani, Partner at India Quotient, 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.”
myHQ Founders Utkarsh Kawatra (L) and Vinayak Agrawal
Founded in 2016 by IIT Delhi graduates Utkarsh Kawatra and Vinayak Agrawal, the Delhi-based platform distinguishes itself from other co-working solutions providers with a unique asset-light and visit-based model.
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.”
Apart from offering desks on a monthly rental, myHQ also allows its users ‘visits’ across its entire portfolio of spaces at just Rs 200 per day. myHQ’s partner spaces include coworking spaces, offices, restaurants, cafes, and other places that are conducive for relaxed yet focused working. All its spaces 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.
“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.
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.
(Edited by Athirupa Geetha Manichandar)