India Quotient leads seed round in coworking startup myHQ
Delhi-based Justwork Technologies, which runs co-working space provider myHQ, has raised $1.5 million in a seed round led by Mumbai-based venture capital firm India Quotient (IQ).
The investment was made from IQ’s third fund, which marked its final close this week at $60 million, Prerna Bhutani, partner at the firm told TechCircle.
Singapore-based family office RB Investments, Ashish Goenka, promoter of Suashish Diamonds and angels from online investing platform LetsVenture participated in the round.
Returning investors in the round included Anupam Mittal and Nitish Mittersain. Mittal is the founder of Mumbai-based consumer internet group People Group and Mittersain is the founder of gaming platform Nazara Technologies.
myHQ will use the capital from the seed round to expand its offerings in new cities, introduce new product offerings and also invest in technology infrastructure.
Founded by Indian Institute of Technology graduates Utkarsh Kawatra and Vinayak Agrawal in 2016, myHQ is a premium rent-free, co-working space provider.
The startup claims to offer workspaces across over 120 locations in the Delhi-NCR region, including restaurants, cafes, and existing co-working and office spaces that have excess inventory.
myHQ competes with BHIVE, Awfis, 91springboard, Wotta Workspace, Innov8 and CoLive, among others in this segment.
Last year in July, it raised $500,000 in a funding round led by Anupam Mittal, founder of People Group, which runs an online matrimonial site Shaadi.com.