Hyderabad-based co-working space start-up iKeva will expand its activities by opening 15 new centres, adding 3,000 seats in various cities.
The company, which recently received funding from the Meenakshi group, will roll out its expansion plans in the next 12 months. The proceeds will also be used to strengthen its back-end technology.
“This industry has tremendous room for growth, the fresh infusion of funds will help us speed up our business expansion this year, and foray into new fast growing cities. Our revenues recorded an increase by 40 per cent in the last financial year and the target is to double this growth,” Monika Misra, Co-founder and General Manager of iKeva, said.
The five-year-old co-working space provider runs eight centres in five major cities of Bengaluru, Chennai, Gurgaon, Hyderabad and Mumbai. “Of the 15 new centres, two would be opened in Hyderabad in the next three months,” she said.
iKeva’s co-working spaces range from 10,000- 15,000 sq. ft., and offer a variety of services and amenities including fully furnished workspaces, high-speed internet and IT infrastructure. The seat prices start from ₹4,000 under flexible plans and start from ₹8,500 for a dedicated desk space.
According to CBRE, the co-working/ shared office industry in India has shown a yearly growth of 23 per cent since 2013; and by 2025, 40 per cent of the overall workforce is predicted to work from co-working spaces. This trend has garnered keen interest from the investor community.
“Collaborative work-spaces are displaying remarkable growth and we recognise strong synergies between the co-working model and traditional real estate. As a strategic investor, iKeva’s business model and the sustained growth achieved over the years, combined with a focus to tap into lucrative millennial-driven sharing economy hold great promise,” Mahesh Katragadda, Director of Meenakshi Group, said.