Qdesq Realtec Pvt Ltd, an on-demand platform for sharing and renting office space, has raised an undisclosed amount from a clutch of investors. Qdesq raises angel funding to tap work space market. Founded in 2015, Qdesq offers ready-to-move-in office space at standardized per workstation pricing. The process was led by Kajaria Ceramics Joint MD Rishi Kajaria, Jaipuria Beverage and Food Director Ruchirans Jaipuria and Jai Drinks Director Anuraag Jaipuria.
The existing investors also participated in the angel funding round. These investors include Dheeraj Jain (Partner, Redcliffe Capital), Ankush Nijhawan, Gaurav Bhatnagar and Manish Dhingra.
With the fresh round of funding received by Qdesk it is likely to compete with My Cute Office. It also raised an undisclosed amount in a seed round from Lead Angels last year.
The company, however, declined to share details of the funding.
“We are currently at 216 venues across Delhi NCR in both formats – short occupancy (meeting rooms, workspace for a day and Qcafe) as well as long occupancy (workspace on monthly basis). With a current growth of 60 per cent month-on-month on the revenue side, 20-25 Qdesq verified venues are appended to the list on supply side every month,” Qdesq co-founder Paras Arora said.
The company will use the funding to expand its presence in other metro cities like Mumbai and Bangalore, he added.
“We aim to have 200 monthly bookings in on-demand business and 500 work desk under ongoing monthly occupation before our first year anniversary in December this year,” he said.
Qdesq plans to tap the funds for marketing and strengthening its technology backbone.
With players like Qdesq, Innov8 and Awfis, the co-working space market in India has seen a huge growth in the last few months. The sector has seen launch of over a dozen start-ups with a few of them receiving funding as well. The trend has been driven by mushrooming start-ups across the country that usually have very few employees.
According to analysts, since many of these startups are bootstrapped (without any external funding), these co-shared work spaces is more cost-effective than renting out office space.