Gurugram-based Instaone Infotech, which owns and operates co-working spaces under the brand GoHive, has raised Rs 2.5 crore (about $360,000 at current exchange rates) in a pre-Series A funding round from a group of angel investors. The company did not disclose the identities of the angel investors.
The startup said in a statement that it would use the capital raised to double its current seat capacity to 5,000 seats within a year in NCR (National Capital Region), Bengaluru and Mumbai.
“The round has showcased investors’ confidence in our business strategy and our initiative to make spaces more accessible and suitable to different business needs, empower young companies, and enable deeper business inclusion in the ecosystem," GoHive founder and CEO Mishu Ahluwalia said.
Ahluwalia founded GoHive in 2017 with Kumud Singh. The company currently runs seven co-working centers in the NCR and is coming up with a new center at Gurugram next month. The startup claims to offer flexible working terms and affordable monthly rentals to budding entrepreneurs and professionals.
Recent deals in the co-working sector:
July 2019: New Delhi-based student housing startup Stanza Living secured an undisclosed sum from Falcon Edge Capital.
March 2019: Student accommodation startup OxfordCaps raised $8 million in a Series A funding round led by Times Internet, a subsidiary of media house Bennett Coleman and Co. Ltd.
August 2018: Delhi-based University Living, an online global student housing marketplace, raised an undisclosed sum in a pre-Series A round led by Indian Angel Network (IAN) and LetsVenture.