Anarock Group, a property advisory firm, announced that it had acquired myHQ, a co-working platform, to expand its flexible workspace portfolio.
Even after the buyout, myHQ will maintain its distinct identity and independence. Utkarsh Kawatra and Vinayak Agarawal, both IIT-Delhi graduates who co-founded the startup in 2016, will continue to serve as founding partners.
myHQ is a flexi-workspace platform that caters to the needs of enterprises and individuals in today’s work-from-anywhere environment by offering dedicated desks and managed offices as a product and on-demand needs via their subscription-based FlexiPass. It has almost 50,000 members who have subscribed for 700 spaces in seven cities.
“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 workspace domain, and we will tap into overseas markets in the next 12 months,” said Anuj Puri, chairman of Anarock Group.
Individuals and teams can utilize a pay-per-use FlexiPass from myHQ to access over 700 flexible workspaces across the country for ₹200 per day. It also offers companies fixed desks, cabins, and managed offices.
myHQ also works with cafes and lounges to convert them into daytime co-working spaces, allowing them to monetize their empty space throughout the day.
“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. 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,” said Utkarsh Kawatra, CEO of myHQ.