Co working space provider One Co.Work has acquired one of its rival IShareSpace for Rs 3.5 crore to expand its business.
With the acquisition, One Co.Work will take over IShareSpace’s 5 centres that comprise 750 seats and collectively operate with 8 centres and over 1500 seats in Mumbai, Gurugram, Bengaluru, and Chennai.
Delhi-based One Co.Work, founded by Himanshu Bindal, is an end-to-end office space provider for entrepreneurs, corporates and startups that offers premium co-working office spaces for startups, SMEs, freelancers, and corporates.
On the other hand, IShareSpace was founded by Priyanka Krishnan and Aayush Maheshwari in 2016. It caters to the needs of modern-day entrepreneurs and professionals.
It established its first centre in Mumbai and then proceeded to set up co-working hubs in Gurugram, Bengaluru, and Chennai catering to MNCs, startups, small business and freelancers, said the company in as press statement.
The current acquisition is in line with One Co.Work’s recent initiative, EcoSpaze, which essentially is an affordable office-space for bootstrapped startups.
Earlier this year, One Co.Work had set up a co-working space for blockchain startups in Bengaluru. Called as BlockLabs, it helps budding Indian entrepreneurs who focus on blockchain.
Of late, a lot of action observed in the co-working space. While Y Combinator-backed Innov8 raised $4 million in pre-Series A round led by Credence Family Office, global co-working space giant WeWork launched WeWork Labs in India to offer tailored programs to early-stage startups.
Besides deep pocketed WeWork and Cowrks, the co-working segment has been dominated by well-funded startups including Awfis, BHive, and 91Springboard.