Gurgaon-based TOP Technologies Private Limited that runs a coworking platform The Office Pass raised a fresh investment round from a group of individual investors led by Dhruv Agarwala, CEO of PropTiger, Makaan & Housing & an institution.
The company will use the funds for hiring technology & product talent and drive the expansion of coworking centers over the next 18-24 months. This investment comes within months of their seed investment round that was closed earlier this year.
The company opened its 1st coworking center in Gurgaon in March 2017, which is fully occupied. “Our 1st center has helped validate many hypotheses that we had, before starting the business. We now feel confident to expand our network in a capital-light model, using technology with the objective to expand profitably. Most office-goers waste precious time, effort and money in commuting to work. If they are able to work from high quality, yet affordable, office near-by, it will solve a big productivity problem for Indian companies.” says Aditya Verma, Founder & CEO, The Office Pass.
Commenting on the investment Dhruv Agarwala added, “The Office Pass has shown good traction within a few months of its launch and that opens up exciting possibilities for rapid expansion. The company has a strong founding team led by Aditya, and has a good understanding of the role technology can play in scaling up the business in a capital-efficient way”.
UNIT ECONOMICS OF COWORKING BUSINESS
The unit economics of the coworking business are favourable, with a gross margin of over 50%, making a strong case for sustainable growth with limited external capital. The use of technology can further improve this margin. The company recently launched an Online Booking & Payment Platform that allows existing & new coworkers to book office space, meeting & conference rooms through a 100% online experience, which reduces manpower dependence.
Also Read: Coworking – Best Way to Battle Skyrocketing Office Rentals In NCR
WHO SHOULD USE COWORKING SPACE?
Finding an office is a major challenge for Micro, Small & Medium Enterprises (MSME) and freelancers due to their inability to get into a long lease and block money in security deposits. Many of them are forced to work from home and cafes, reducing their productivity. This segment remains below the radar for developers, agents & property owners who find it difficult to service this segment in a cost-effective manner. The Office Pass aims to solve this problem by offering flexible terms & the use of technology.
TEAM BEHIND THE OFFICE PASS (TOP)
Co-founded by three former employees of Makaan.com, Aditya Verma, Nikhil Madan and Sachin Gaur, TOP launched its operations in March 2017.
ABOUT THE OFFICE PASS
The Office Pass, part of TOP Technologies Private Limited, is a technology platform that connects companies & professionals to ready-to-use, high-quality and economical co-working office space. The company takes care of all expenses associated with opening and operating an office. Expenses such as security deposit, maintenance charges, lock-in period, furnishing & equipment, rental, electricity, WiFi, security, housekeeping etc are all clubbed into “a small fee per seat”. This saves its customers valuable time and money, which can be used to improving the productivity of their business. The company also provides on-demand meeting and conference rooms through its platform.
For additional information Contact: Nikhil Madan, Co-founder, The Office Pass (TOP) @ nikhil@www.theofficepass.com/toppings or +91 9891 833 008
