NEW DELHI: Real estate consultant Investors Clinic and coworking space provider Kocreate have agreed to invest Rs 10 crore in an equal joint venture for creating new shared workplaces, hoping to benefit from an expected rise in demand for co-working spaces after the Covid-19 crisis ends.
As per the agreement, The Delhi-based Investors Clinic will tie up with builders to create office space and Kocreate will run the centres.
The consulting company will firm up partnerships with builders who are cash-strapped due to lack of funding in the last few quarters.
“The initial investment has been done by the parent company. We feel this is the right time to enter into co-working spaces. We have been trying to expand our business operations and co-working is the next big leap we are taking now,” said Sunny Katyal, cofounder, Investors Clinic.
Both the companies are bringing in capital of Rs 5 crore each for the initial investment. The JV plans to add 5,000 seats within a year in Delhi-NCR and then expand operations nationally. The new company will be branded Kocreat.
“We are already running profitable coworking spaces for the last three years. The JV will bring in a win-win situation for both the parties when we will look at business expansion, and Investors Clinic will venture into a new aspect of real estate,” said Nitin Gupta, cofounder of Kocreate, which runs two centres in Noida. “All coworking spaces by Kocreat will be state of the art, AI-enabled and Covid-19 compliant.”
According to Ashish Goenka, director of Redbrick Offices, a lot more people will be open to owning offices in coworking spaces in future. “People will start looking at a more flexible ways of working, and hence coworking will be more of a norm than an alternative,” said Goenka.
April 23, 2020
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