Collaborative workspace provider looking to take total desk count to 65,000 by the end of this year
The company will use the money to increase its desk counts across the cities where it already has a presence in and to enter new markets. It plans to take the total desk count to 65,000 by the end of this year from 25,000 now.
“This will be the first big round of fundraising for the company. We are in talks with domestic and institutional investors. There could be more than one investor, too,” Goenka said.
The company plans to enter cities such as Chandigarh, Jaipur, Indore and Ahmedabad with small-format facilities by the end of next year and is targeting a member base of 1,20,000 across all markets. “We have good occupancy and is profitable at the centre level. We will continue to grow,” said Goenka.
CoWrks currently has operations in Chennai, Bengaluru, Delhi-NCR, Mumbai and Hyderabad. India’s booming startup sector has opened up huge demand for co-working space, driving the business for companies such as WeWork, CoWrks, Smartworks and Awfis Space Solutions, which are expected to double their capacity in the coming years.
“The optimism of flexible space operators is being fuelled by the rising interest of established corporates in this segment. We anticipate that this trend would continue, given the willingness of operators to customise offerings and prioritise member loyalties,” said Ram Chandnani, MD of advisory and transaction services-India at CBRE.