Business centres and coworking space provider InstaOffice, has reportedly raised an undisclosed amount of Pre-Series A round of funding led by Globevestor.
Beside, Zishaan Hayath (co-founder Toppr); Karan Chellani (Managing Partner at SQUE Capital) and Mohit Satyan (Director DFM Foods and Chairman Teamwork Arts), along with a cluster of other industry experts and angel investors also participated in this round.
Founded in 2015 by Devendra Agarwal and Vikas Lakhani, InstaOffice offers serviced office spaces.
From a single business centre in Gurgaon in February 2016 the company has grown to more than 50,000 sq. ft. area under management, spread across 10 centres in Gurgaon, Delhi and Bangalore, in less than a year’s time. InstaOffice partners with landlords while staying extremely light on its capex and opex needs, which has enabled it to acquire this scale at a fraction of the cost compared to other operators in the space.
“Commercial real estate has been plagued by multiple friction points and two of them have been leases with long-term lock-in periods and availability of only large floor plates. However, users today need spaces that are highly flexible in time, area or layout of the space. Consequently, most landlords suffer from high vacancy periods and poor rental yields, not to mention legal hassles when clients do not complete their lock-in periods. We are disrupting the commercial real estate industry by structuring partnerships with landlords where they can earn higher rental yields from their spaces and customers can get a high degree of flexibility,” said Devendra Agarwal, Co Founder, InstaOffice.
With four operational centres in Gurgaon, two in Bangalore and four more in Delhi-NCR set to become operational over the next two months, InstaOffice has a community of 400 members. Beside, it aims to grow to over 1,000 active members by the next quarter.