India: Workspaces aggregator Qdesq secures funds from Dheeraj Jain of Redcliffe, others

Visual from Qdesq website

Qdesq Realtech Pvt Ltd, an on-demand platform for sharing and renting office space, has raised an undisclosed amount in its seed round from a group of investors led by Dheeraj Jain, partner at Redcliffe Capital, a UK-based hedge fund.

Other investors who participated in this round are Jagdish Kumar, former regional director, Asia Pacific DuPont, and angel investors Bharat Gupta, Ankush Saigal and Praveen Saini.

The company would spend the fund in team expansion, operations, technology enhancement and inventory expansion, said Paras Arora co-founder of the company.

The Gurgaon-based company was founded in October 2015 by Arora, partner at early stage investment firm Udaan Angels and an alumni of London Metropolitan University and Lavesh Bhandari, alumni of Indian Institute of Technology (IIT) Delhi. Bhandari has worked with companies such as Ixigo and Royal bank of Scotland before.

The start-up acts as an aggregator for sharing vacant work desks, offices, conference rooms etc. Besides aggregating third-party venues, it also plans to have venues fully managed by the company. Of the 23 venues it has on the platform, the firm manages one of them on its own. Going forward it plans to add 100 more venues in the next two months with at least two being fully managed venues.

The company offers managed and serviced office space with plug-and-play facility, power back up, air conditioning, wi-fi, tea, coffee and housekeeping. It allows businesses to rent spaces on hourly, daily and monthly basis. It also offers a virtual personal assistant, business concierge and administration support desk on demand.

“We aim to revolutionize office occupancy experience by ensuring affordability, flexibility, predictability and geographical spread so that people can work wherever you want on your terms, hassle free,” said Arora. The company claims to have sold the services to almost 35 companies so far.

According to Arora, the venues are currently being booked largely by start-ups, small and medium enterprises, consultants and freelancers. While incubators and accelerators such as 91 springboard and Investopad have always been providing co-working space for start-ups for a small fee or an equity stake in their companies, the shared working space has become quite a rage in the past few months.

The sector has seen launch of over a dozen start-ups with a few of them receiving funding as well. Qdesk is likely to compete with My Cute Office which raised an undisclosed amount in a seed round from Lead Angels last year. Other start-ups in this domain include names like Altf Coworking and Innov8.

This article was first published on Livemint.com

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.