Property advisory Anarock Group on Tuesday said it has acquired co-working platform myHQ, to strengthen its flexible workspace portfolio.
The value of the deal was not disclosed.
myHQ will retain its distinct brand and independence even after the buyout. Utkarsh Kawatra and Vinayak Agarawal, both IIT-Delhi graduates, who founded the startup in 2016 will also remain on board as founding partners.
myHQ is a flexi-workspace platform to cater to the needs of companies and individuals in today’s work-from-anywhere world by offering both on-demand needs via their subscription-based FlexiPass and dedicated desks and managed offices as a product. It has over 50,000 subscribed members across 700 spaces in seven cities.
“Coming on the heels of Anarock introducing US-based Upflex Inc, a hybrid booking platform with the largest global network of flexible workspaces, to India, the myHQ acquisition will further strengthen our tech and product offerings and enhance our capabilities in this vertical. myHQ will spearhead our expansion into 20 cities. This gives us nationwide coverage in the flexible workspace domain, and we will tap into overseas markets in the next 12 months,” said Anuj Puri, chairman, Anarock Group.
myHQ offers a pay-per-use FlexiPass that allows individuals and teams to access over 700 flexible workspaces across the country through one pass, at ₹200 a day. It also provides fixed desks, cabins and managed offices for companies. myHQ also partners with cafes and lounges and turns them into daytime co-working spaces to help them monetize their vacant inventory during the day.
“It is a well-timed move with the right company given our shared enthusiasm around massive opportunity in this space. We can now accelerate innovation, amp-up the team and enhance user experience through a combination of myHQ’s tech solutions, and ANAROCK Group’s business expertise and scale. Hybrid approach to workspaces is on the cusp of an explosion with all companies from startups to big corporates looking to adopt some version of work-from-anywhere model. While today there is some depth of inventory in the metros, to make this model truly successful, tier-II & III cities will need to be the future growth multipliers for India’s flexible workspace ecosystem,” said Utkarsh Kawatra, CEO, myHQ.
Source: Mint