CoWrks, the collaborative workspace provider is likely to raise $350 million i.e.2,425 crore to plan its business expansion, the chief executive officer Abhishek Goenka said. He also said that the company will monetize the raised fund to increase their desk counts across the cities where the company has made there presence felt.
The company plans to increase the total desk count from 25,000 to 65,000 by December 2019.
CEO Goenka said that this is the first big round of fundraising for us and we are already in talks with several domestic and institutional investors. There may be more than one investor, too. He further said that we have good occupancy and profitability at the central level.
CoWrks is planning to step into cities like Chandigarh, Jaipur, Indore and Ahmedabad with small-format facilities by the end of 202 and is also aiming to have member base of 1,20,000 across all markets.
At present, CoWrks is operational in Chennai, Bengaluru, Delhi-NCR, Mumbai and Hyderabad.
Presently, India is witnessing a boom in the startup sector as it is demanding huge co-working space and attracting companies like WeWork, CoWrks, Smartworks and Awfis Space Solutions that plans to double their capacity in near future.
Ram Chandnani, MD of advisory and transaction services-India at CBRE said that the optimism of flexible space operators is being escalated by the increasing interest of established corporates in this sector. We expect this trend to continue, given the willingness of operators to customize offerings and prioritize member loyalties.