Indian coworking startup myHQ raises $1.5M in Pre-Series A funding round

MyHQ says the funding will go towards expanding the company's operations, which currently holds 8,000 subscribed members; Company reports 5 times growth in revenue during current fiscal year.

Delhi-NCR headquartered coworking space provider, myHQ, announced that it has raised $1.5 million in Pre-Series A funding round led by India Quotient. Singapore-based family office RB Investments, Ashish Goenka from Suashish, angels from the online platform LetsVenture and existing investors including Anupam Mittal and Nitish Mittersian also invested in the round.

MyHQ Founders, Utkarsh Kawatra and Vinayak Agrawal, said that the funds will help the company expand its operations. They said that the company is exploring expanding into Bengaluru and Mumbai.

Further, the funds will be used to introduce new product offerings and invest in the technology infrastructure.

myHQ: 15% M-o-M Growth  And More

Founded in 2016 by Kawatra and Agrawal, myHQ uses an asset-light model to enable workspace solutions for its clients. The company is working on a revenue-share basis with spaces such as coworking spaces, offices, restaurants, cafes etc to utilize their space as a coworking solution.

It offers two solutions, where a user can either book a seat for INR 200/day (about $2.80) under its visit-based model or book a monthly seat for INR 5K (about $69) -INR 8K (about $111) a month. All places offer standard workspace amenities including high-speed Internet access, printers, scanners and stationery.

At present, the company has 8000 subscribed members across 130 spaces in Delhi-NCR. The company’s clients include freelancers, business travelers, working professionals, startups etc.

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