Hyderabad, India, July 13, 2017: Hyderabad based hyper-local co-workspaces and flexible leases startup iKeva has announced the launch of 2 new centres – a 175 seats secured co-working space in Sector 44, Gurugram’s Premium location and another 165 seater in Mumbai.
Announcing the addition of 2 new centres Monika Misra, Founder and General Manager, iKeva, is upbeat about the sector and believes co-workspaces are the future of work culture.
These 2 new centres follow Hyderabad, Bangalore, Chennai centres. iKeva started its operations in 2013 at Banjara Hills, Hyderabad and grew its footprint to 1200 seats and over 70000 sq ft. The company now boasts 6 centres across 5 cities and over 4000 members.
The additional centres being planned to be set up in the next 3-4 years are due to growing interest from Start-ups, SMEs and Large Enterprises for leasing offices in iKeva spaces. Firms like Directi Group Company – Zeta, Applify, The Workforce Consulting Group, and many more have already signed up.
iKeva business model continues to see rapid adoption nationwide, as a place where startups get to learn about business and scaling-up from fortune 500 companies, on the other side fortune companies gain an opportunity to learn about innovation and agility from start-ups. On her company’s growth plans Monika says “iKeva plans to grow to 50-80 centres in next 3-4 years.”
Besides highly functional private offices, dedicated desks, shared work spaces, meeting rooms, breakout rooms, networking spaces and other facilities, iKeva member benefits include an array of discounts and tools which benefit companies and individuals. It also offers to its members a curated list of service providers like CAs, lawyers, recruiters, HR consultants, UI designers, Software developers and more.
As for the profitability, Monika says – all the iKeva centres run close to full capacity and we have been profitable. The key reason for our success is largely due to flexibility, followed by strategic location, what we have focused from the word start is to be ‘scaleable’ as we host a strong mix of corporates, startups, and freelancers in our spaces. The Gurgaon co-working space has already signed up large enterprises, freelancers, start-ups and SMEs like Directi Group Company – Zeta, Applify, The Workforce Consulting Group as its members.
According to CBRE, in its ‘Art of Coworking Report’ projected that as office rentals continue upward trend in India, the total space leased by co-working operators in tier I and tier II cities is expected to be almost 6 – 10 million sqft. by 2020. The demand for co-working spaces can be mirrored with some of its benefits. A report from CBRE states ‘Cost saving of at least 10 – 25% by leasing in a co-working space as compared to conventional leasing in the larger cities of Delhi, Gurgaon, Bangalore, Mumbai and Pune.
Launched in 2013, iKeva earlier raised funding from Investors including Sateesh Andra, Dr Ramesh Byrapaneni, Dr Srikanth Sundararajan and Madhu Avalur, among others.