With this acquisition, the company wants to scale up its flexible workspaces portfolio
Post acquisition, myHQ will retain its distinct brand identity
myHQ will spearhead Anarock's expansion into more than 20 cities
Real estate consultant Anarock has acquired a 75% stake in flexible workspace providing startup myHQ, in a cash and stock deal of Rs 125 Cr. With this acquisition, the company wants to scale up its flexible workspace portfolio.
ET reported, post acquisition, myHQ will retain its distinct brand identity. The founders, Utkarsh Kawatra and Vinayak Agarawal, will continue to remain on the board as founding members.
The announcement comes almost a year after Anarock introduced US-based hybrid booking platform Upflex in India. According to Anuj Puri, chairman of Anarock, the acquisition will further strengthen the company’s tech and product offerings, as well as its capability in the flexible workspace vertical.
myHQ will spearhead Anarock’s expansion into more than 20 cities, Puri added. Delhi-NCR headquartered myHQ claims to have more 50,000 subscribed members across 700+ spaces in 7 cities.
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On the other hand, Anarock currently has a team of more than 1,800 real estate professionals.
“It is a well-timed move with the right company given our shared enthusiasm around massive opportunity in this space. We can now accelerate innovation, ramp up the team and enhance user experience through a combination of myHQ’s tech solutions, and Anarock group’s business expertise and scale,” Utkarsh Kawatra, CEO of myHQ, said.
After a temporary setback caused by the pandemic, coworking spaces are recovering and seeing a demand surge. Moreover, Covid has accelerated the shift towards more flexible and affordable working spaces.
Hyderabad-based coworking space startup iSprout recently closed a $4 Mn Pre-Series A funding round from private investors and is planning to raise fresh funds in a Series A funding round as well.
WeWork India, Awifs Space Solutions, 91Springboard, CoWrks are some of the prominent names in the industry.