MySoho: Transforming India's Coworking Scene and Shaping the Future of Workspaces

The coworking industry of India is undergoing a dramatic transformation, and MySoho, co-founded by Tushar Mittal, Ashu Kapoor, and Navneet Gill is at the forefront of this shift. Born in 2020, MySoho offers premium, private office solutions in India’s Tier-II cities, attracting businesses seeking flexible, fully serviced workspaces. With an asset-light model and a focus on growth, MySoho is making waves in the Indian real estate and coworking sectors.

The Rise of Coworking: India’s Next Big Business Revolution

Coworking, once perceived as a niche market, has become a game-changer in the global workspace industry now. These are shared spaces that offer businesses the opportunity to rent short-term office spaces with premium amenities, minus the cost and commitment of long-term office leases. Traditionally, coworking spaces were designed as community-driven environments where freelancers, startups, and small businesses could work flexibly. However, the sector has since evolved into a mainstream solution offering private offices, conference rooms, and even virtual office services.

India has been experiencing a boom in coworking since 2015 in metros like Mumbai, Delhi, and Bengaluru. According to industry reports, India’s coworking market is expected to grow at an annual rate of 15-20%. With businesses increasingly adopting hybrid work models and seeking cost-effective office solutions, coworking has quickly become the preferred choice for new-age enterprises.

Tier-II Cities of India: The Explosive Growth Hubs for Coworking

Although the coworking wave started in India's major Tier-I cities, Tier-II cities are quickly becoming the next hotspots for expansion. Especially Since the 2020 pandemic, talent has returned home, prompting businesses to prioritize local infrastructure improvements in these so-called small towns. Cities like Chandigarh, Jaipur, Bhubaneswar, Lucknow, and Indore are witnessing a seismic hike in demand for flexible workspaces.

But why are these cities so attractive for coworking expansion?

• Lower Costs: Office spaces in Tier-II cities are significantly more affordable than their Tier-I counterparts. This allows coworking operators to offer premium services at a fraction of the cost.
• Rising Business Opportunities: With improved infrastructure and government initiatives focused on regional development, businesses are increasingly setting up operations in these smaller cities. The availability of skilled talent in these regions is also expanding, creating a demand for office spaces.
• Growing Office Space Market: According to a report, flexible workspace absorption in Tier-II cities reached 1.6 million sq. ft. by September 2023, with coworking operators actively seeking to expand in cities like Ahmedabad, Kochi, and Chandigarh. Tier-II cities now offer modern office parks that rival those found in larger metros, attracting more businesses and professionals.

MySoho: Leading the Charge in the Coworking Revolution

Among the many coworking players in India, MySoho has carved out a unique position for itself. Unlike traditional coworking models that emphasize open spaces and community-driven work environments, MySoho offers fully serviced, private offices tailored to businesses’ specific needs.

• Tailor-Made Solutions: MySoho provides aesthetically designed, customizable office layouts, from open seating to private cubicles, allowing businesses to build their workspace according to their preferences.
• One-cheque solution: From administrative tasks to managing resources and equipment, MySoho ensures smooth operations, all included in a simple monthly rent payment. As MySoho co-founder Navneet Gill says,

“MySoho is fully committed to delivering operational excellence. We don't just offer office spaces—we deliver a complete ecosystem with end-to-end office solutions at transparent pricing. At MySoho, our mission is to empower businesses to focus solely on their growth, while we handle everything else.”

• Client-Centric Experience: The company focuses heavily on offering an exceptional client experience, bearing the burden of entire office operations management, along with services like boardrooms on-demand and flexible lease terms.

MySoho’s focus on Tier-II cities gives it an edge. By tapping into underserved markets, the company has been able to offer high-quality, affordable office solutions. “We designed essential features in Tier-II towns that enable businesses to set up, scale, or downsize effortlessly. This flexibility has been the driving force behind MySoho's rapid expansion across multiple cities”, says co-founder Tushar Mittal.

Why MySoho is Set to Dominate Coworking’s Future

MySoho’s innovative business model, focus on high-growth markets, and efficient cost structure make it a compelling investment opportunity.

• EBITDA-Positive Business: MySoho has demonstrated a strong financial performance, maintaining profitability while expanding rapidly. Their asset-light model ensures scalability without the heavy capital investments typical in real estate.
• Capex-Lite Model: MySoho’s asset-light approach means the company does not own the properties it manages. Instead, they lease and customize spaces, sharing revenue with landlords. This allows for rapid expansion without the capital-intensive requirements of traditional office real estate.
• Strategic Expansion into High-Growth Markets: With a clear focus on Tier-II cities, MySoho is positioned to capture a significant share of the coworking market in emerging regions.
• Proven Market Opportunity: The coworking market in India is poised for exponential growth. Mittal highlights, "The market potential in Tier-II towns is immense, valued at 9,000 to 10,000 crores. MySoho is uniquely positioned to capitalize on this opportunity."

MySoho’s Vision: Scaling New Heights

Co-founder Ashu Kapoor explains,

“MySoho is already thriving in key locations like Chandigarh Tricity, Jalandhar, Ludhiana, Ambala, and Bhopal. But this is only the beginning. Over the next two years, we plan to expand nationally into 25 Tier-II cities, including Jaipur, Lucknow, Indore, and Gurgaon. Each new location will deliver over 25,000 square feet of premium, flexible workspace—driving growth for businesses across India’s most dynamic markets.”

By targeting Central Business Districts, and ensuring accessibility and compliance, the company is strategically positioned for sustainable growth. With demand for coworking spaces surging in India’s Tier-II cities, MySoho stands out for its growth potential, scalability, and profitability. As a pioneering force in this evolving market, they offer investors a prime opportunity to shape the future of workspaces in India.