Coworking space aggregator CoFynd launches operations in NCR

Coworking space aggregator CoFynd launches operations in NCR
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2 Mar, 2020

Co-working space aggregator CoFynd has begun operations in Delhi, Gurugram, and Noida, also known as National Capital Region (NCR).

The launch comes shortly after the Gurugram headquartered company secured Rs 1.25 crore ($171, 710 at current exchange rates ) in seed funding in January 2020.

V Kishan, senior vice president, technical, Coca Cola; Terence Rodricks, senior vice president, customer service, at Dubai-headquartered Mashreq Bank and Ankur Jain, a real estate investor had participated in the funding round.

Founded in 2019 by Atul Gupta, CoFynd aggregates coworking spaces. It offers shared office spaces, meeting rooms and other such facilities to startups, entrepreneurs, freelancers and small to medium businesses.

“The funds raised by the company will further accelerate the growth of our network and will allow us to broaden our reach and expand our services,” Gupta, founder and CEO, CoFynd said.  

Gupta has over 15 years of experience in the real estate industry. Prior to CoFynd, he served as a director of Gupta Promoters. He holds a BCA in computer science from Indira Gandhi National Open University.

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The company also plans to expand its operations to other metro cities such as Hyderabad, Bengaluru, Pune, and Mumbai by the third quarter of 2020.  It has partnered with WeWork, Innov8, 91Springboard, AltF, and Instaoffice, among others.

According to CoFynd, the coworking space industry has been growing at 23% since 2010 and it claims that the number of such spaces is expected to double by 2022.

“Coworking spaces have become the lifeline of millennials and startups today. The growing demand from freelancers, consultants, and corporates has led to a growth in the co-working sector like never before. The workspaces to be future-ready should be networked, flexible, integrated and innovative, and CoFynd helps you to find one,” Gupta added.

Read: Cowrks plans to raise $350 mn for overseas expansion

Last year in July, SoftBank-backed hospitality unicorn OYO entered co-working business with the acquisition of Delhi-based co-working space provider Innov8.

OYO will follow a multi-brand model with three co-working brands - Innov8, Powerstation, and Workflo – to cater to upper midscale, midscale and economy co-working markets, respectively. OYO Workspaces currently has 21 centres offering over 15,000 seats across 10 cities in India.