Anarock Acquires Flexible Workspaces Platform myHQ Strengthens its Flexible Workspaces Portfolio.
By Varun Singh
Leading independent real estate services consultancy ANAROCK Group today announced acquisition of myHQ, one of largest Indian flexible workspace platforms, to strengthen its flexible workspaces portfolio. myHQ, headquartered in Delhi-NCR, currently has over 50,000 subscribed members across 700+ spaces in 7 cities.
Anuj Puri, Chairman, ANAROCK Group, says, “Coming on the heels of ANAROCK introducing US-based Upflex Inc, a hybrid booking platform with the largest global network of flexible workspaces, to India, the myHQ acquisition will further strengthen our tech and product offerings and enhance our capabilities in this vertical. myHQ will spearhead our expansion into 20+ cities. This gives us nationwide coverage in the flexible workspaces domain, and we will tap into overseas markets in the next 12 months.”
Post-acquisition, myHQ will retain its distinct brand and independence. Utkarsh Kawatra and Vinayak Agarawal, both IIT-Delhi graduates who founded myHQ in 2016 will remain on board as founding partners and are enthusiastic about firm’s next innings under ANAROCK banner.
“We’re thrilled to be a part of ANAROCK, one of the biggest and most trusted real estate services business in the country, to take myHQ to next level,” says Utkarsh Kawatra, CEO – myHQ. “It is a well-timed move with the right company given our shared enthusiasm around massive opportunity in this space. We can now accelerate innovation, amp up the team and enhance user experience through a combination of myHQ’s tech solutions, and ANAROCK Group’s business expertise and scale. The hybrid approach to workspaces is on the cusp of an explosion with all companies from startups to big Corporates looking to adopt some version of Work-From-Anywhere model. While today there is some depth of inventory in the metros, to make this model truly successful, tier-II & III cities will need to be the future growth multipliers for India’s flexible workspace ecosystem.”
myHQ Offerings & Revenue Model
myHQ’s offerings can be broadly split into two buckets. Our pay-per-use FlexiPass allows individuals & teams to access 700+ flexible workspaces across the country through one pass with prices as low as INR 200 a day. All spaces on the FlexiPass come with a standardised & controlled work experience and user does not have to worry about fixed monthly rentals, security deposits & lock-ins.
On the other end is Fixed desks, Cabins & Managed Office platform which allows corporates to choose from 700+ workspaces for leasing their ideal central HQ or satellite offices with highly flexible contracts and a single POC for their workspace needs across the country.
myHQ also partners with cafes, coffee-shops, & lounges and turns them into daytime coworking spaces to help them monetize their vacant inventory during the day. myHQ business model is specifically geared towards capturing the growing demand for flexible spaces in the country by providing a range of solutions tailor-made for individuals, startups, MSMEs and large enterprises at very attractive price points.
USPs
myHQ is currently the only flexi-workspace platform to cater to varying needs of companies and individuals in today’s work-from-anywhere world by offering both on-demand needs via their subscription based FlexiPass and dedicated desks & managed offices as a product.
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