SIDBI and Incuspaze launch co-working space for MSMEs and startups
According to the terms of the co-branding agreement in SIDBI's original announcement, Incuspaze’s expert team would develop, maintain, and operate a coworking space, and SIDBI would provide the overall support for these startups to grow wherever possible.
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Small Industries Development Bank of India (SIDBI) has partnered with premium co-working spaces chain Incuspaze Solutions to open a first-of-its-kind co-working space designed for Micro, Small and Medium Enterprises (MSMEs) and startups at Connaught Place, New Delhi, the bank said in a press release.
The co-working space, named @Workspaze is located at 1, Tolstoy Marg, New Delhi. The co-working space was launched two months after SIDBI announced the "collaboration project was in its development stage."
According to the terms of the co-branding agreement in SIDBI's original announcement, Incuspaze’s expert team would develop, maintain, and operate a coworking space, and SIDBI would provide the overall support for these startups to grow wherever possible.
"This initiative intends to be a market-maker for this segment. The fully furnished office space is equipped with training and conference room, fast-speed internet, reception, refreshment, recreational area, house-keeping facilities etc. and is only 50 meters away from Barakhamba Metro Station," said SIDBI in a statement after the co-working space was launched.
The bank added that the idea of coworking space gives MSMEs and startups the benefit of a centrally-located business. It also said the MSMEs and startups which set up their offices in @Workspaze will be charged affordable rentals in comparison with similar coworking spaces in the vicinity.
Mohammad Mustafa, Chairman and Managing Director, SIDBI, said, “During the first 18 months of entrepreneurship, an enterprise may face several challenges. At SIDBI, we want to handhold entrepreneurs during this period so that they have a smooth ride in their venture. Our aim is to expand the scope of @Workspaze even in other key cities of the country. We have already started work on a similar arrangement in Mumbai.”
Sanjay Choudhary, Founder and CEO, Incuspaze Solutions, said, “We synced our ideologies with SIDBI to facilitate a hassle-free coworking environment for MSMEs and provide resources to build strong connections with other industries to create ideas and develop business. We look forward to a long and fruitful association.”
SIDBI, which reported a 28.22 percent increase in net profit for the March 2019 quarter, is also planning to start an MSME accelerator programme for MSMEs and startups based in @Workspaze. The bank's profit after tax for the full year jumped 36.5 percent to Rs 1,952.21 crore in FY18 from Rs 1,429.21 crore in the previous year due to an increased portfolio and reducing cost-to-income ratio.
