ikeva to Inaugurate 15 new Co-Working Centres, post Raising Fresh Funds
iKeva, a Hyderabad based workspace provider, has announced raising an undisclosed amount of funds from Meenakshi group to help its aggressive expansion of co-working spaces across major metros in India. The company plans to expand by setting up 15 new co-working centres over the next 12 months.
Commenting on the development, Monika Misra, Co-founder and General Manager, iKeva said, “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 percent in the last fiscal and the target is to double this growth.”
While the co-working/ shared office industry in India has shown a yearly growth of 23 percent since 2013 & by 2025, 40 percent of the overall workforce is predicted to work from co-working spaces, according to CBRE, investment by Meenakshi Group validates the trust leading real-estate players are now placing on the co-working/ flexible work-spaces as a business model.
“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,” says Mahesh Katragadda, Director of Meenakshi Group said.
One of India’s leading IT Park developers, 26-year-old Meenakshi Group has an impressive presence in real estate, power, highway projects and property management verticals, and has a venture funding initiative with $10 million commitment meant to encourage new-age enterprises, innovative processes, and promising businesses. It's real estate portfolio includes over 12 million sqft delivered space, about six million sqft under delivery, and another six million in the pipeline. “The strategic equity investment by Meenakshi Group is built on a deeply aligned vision about the future of the iKeva brand. The Group’s expertise and experience will add substantial value to our brand as we grow exponentially," adds Misra.
Opened its first centre in Hyderabad’s Banjara Hills in 2013, today iKeva has eight centres across five major metro cities - Bengaluru, Chennai, Gurgaon, Hyderabad & Mumbai with two new centres set to open in Hyderabad in the next three months.
Having co-working spaces ranging from 10,000- 15,000 sq. ft., iKeva also offers services & amenities including flexible fully furnished workspaces, high- speed internet, professional team, reprographics, high-end IT, among others. With a special focus to service delivery and hospitality, these co-working centres foster a community-based environment that promotes productivity & growth.
The spaces coupled with meeting & conference rooms are available for flexible usage - on per seat per month basis and the packages are customizable to match specific requirements for large teams. The seat prices start from Rs 4000 under flexible plans and from Rs 8,500 for dedicated desk space.