Coworking Space Provider InstaOffice Raises Pre Series A Funding From Globevestor, Others

Business centres and coworking space provider InstaOffice, has raised an undisclosed amount of Pre-Series A funding led by Globevestor.

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 provides serviced office spaces. According to a company statement, it has grown from a single business centre in Gurugram in Feb 2016 to more than 50,000 sq. ft. of area under management, spread across 10 centres across Gurugram, Delhi, and Bengaluru.

“Coworking is a fairly nuanced industry. Our members have very diverse needs depending on numerous factors. The key is to build the right product with the right value at the right location, which InstaOffice continues to do at great pace. Hence, our members come from across the board; ranging from early stage entrepreneurs, mature start-ups, SMEs to large corporations and MNCs like Dr. Reddy’s, Staples, Yahoo, Amazon amongst others”, added Vikas Lakhani, co-founder, InstaOffice.

With four operational centres in Gurugram, two in Bengaluru and four more in Delhi-NCR set to become operational over the next two months, InstaOffice reportedly has a community of 400 members. It aims to grow to over 1,000 active members by the next quarter.

Coworking spaces – a more evolved concept in the west, are now a popular trend in the Indian startup community. Earlier in June 2016, JetSynthesys, backed by Infosys co-founder Kris Gopalakrishnan, launched a co-working space, Garage, in Mumbai. Other co-working spaces in India include, 91springboard, Awfis, BHIVE Workspace and Y Combinator-backed Innov8, among others.