India’s first ever co-working space provider, Office Space that opened its first centre in Gurgaon in March 2017 has raised fresh investment from a group of individual investors led by Dhruv Agarwala, CEO of PropTiger, Makaan & Housing & an institution. Office Space is run by Gurgaon based TOP Technologies Private Limited has taken giant strides since its inception. The centre that was opened in Gurgaon earlier this year is now fully occupied. TOP was co-founded by three former employees of Makaan.com, Aditya Verma, Nikhil Madan and Sachin Gaur.
According to the press release by the company, these funds will be used to hire technology & product talent and drive the expansion of coworking centres over the next 18-24 months. This investment comes within months of their seed investment round that was closed earlier this year.
“Our 1st center has helped validate many hypotheses that we had, before starting the business. We now feel confident to expand our network in a capital light model, using technology with the objective to expand profitably. Most office-goers waste precious time, effort and money in commuting to work. If they are able to work from a high quality, yet affordable, office near-by, it will solve a big productivity problem for Indian companies,” Aditya Verma, Founder & CEO, The Office Pass said talking about the recent development.
Meanwhile, Dhruv Agarwal believes that good traction in last few months has opened up exciting possibilities for rapid expansion. “The company has a strong founding team led by Aditya, and has a good understanding of the role technology can play in scaling up the business in a capital efficient way,” he added.
Most Micro, Small & Medium Enterprise (MSME) and freelancers in India have problems in finding a good office space due to their inability to get into a long lease and block money in security deposits. Office Space solves this problem by offering flexible terms & use of technology.