Gurgaon-based TOP Technologies, the parent firm of coworking platform The Office Pass, has raised $245,000 (Rs 1.5 crore) in a seed funding round led by Arun Tadanki, former managing director of Yahoo India & Southeast Asia.
The funds will be deployed in enhancing the platform and hiring technology and product talent.
“We aspire to connect companies & professionals with high quality office space within 5 kilometre,” says Aditya Verma, founder and CEO, The Office Pass.
The company plans to target micro, small & medium Enterprise (MSME) and freelancers.
“Finding an office is a major challenge for MSME and freelancers due to their inability to get into a long lease and block money insecurity deposits. Many of them prefer working from home and cafes. These segments remain under the radar for most developers and owners who prefer to rent to large MNCs,” said Verma.
The company, co-founded by three former employees of property portal Makaan.com, Aditya Verma, Nikhil Madan and Sachin Gaur, launched their operations with first facility at Sohna Road, Gurgaon in March.
“The Office Pass is an exciting business model that can disrupt the commercial office leasing market. The founders have the right domain expertise and they have been focused on building a scalable, capital-light business model where users can book office space on monthly, daily or even hourly basis,” said Tadanki.
Coworking space has been one of the most favoured investment class, with companies expanding their presence in India on healthy business environment and recovering economy.
Delhi-based Awfis Space Solutions this week itself raised $20 million (Rs 127 crore) in a Series B round of funding from Sequoia India.
Innov8, another coworking firm, in February, raised angel funding from venture catalysts and individual investors such as Paytm’s Vijay Shekhar Sharma, Google’s Rajan Anandan and others through the LetsVenture platform.
InstaOffice in January raised pre-Series A funding led by online venture capital platform Globevestor and other angel investors, including Toppr’s Zishaan Hayath.
WeWork, a leading shared workspace provider with a presence in 15 countries, has also entered India recently, and plans to open its first centre in Bengaluru this year.