Real estate services consultancy Anarock Group on April 5 announced that it had acquired 75 percent stake in myHQ , a flexible workspace platform, for over Rs 100 crore to take its flexible workspaces portfolio to more than 20 cities within India and in markets abroad such as Dubai over the next one year, Anuj Puri, chairman of Anarock Group, told Moneycontrol.
"It is a cash and equity deal and we have acquired 75 percent stake in myHQ for more than Rs 100 crore," he said.
"myHQ will spearhead our expansion into 20 plus cities. This gives us nationwide coverage in the flexible workspaces domain, and we will tap into overseas markets in the next 12 months,” he said adding: "We are going to take this company to the Middle East first, starting with Dubai, where we have our existing operations. Once we have established flexible workspaces in Dubai we will look at setting up centres across other countries in the Middle East."
The Dubai myHQ flexible workspace centre will be operational in this calendar year itself, he said.
myHQ is headquartered in Delhi-NCR and currently has over 50,000 subscribed members across 700 spaces in seven cities.
"Coming on the heels of Anarock introducing US-based Upflex Inc, a hybrid booking platform with the largest global network of flexible workspaces, to India, the myHQ acquisition will further strengthen our tech and product offerings and enhance our capabilities in this vertical," Puri said.
myHQ will retain its brand and independence. Utkarsh Kawatra and Vinayak Agarawal, both IIT-Delhi graduates who founded myHQ in 2016, will remain as founding partners.
"It is a well-timed move with the right company given our shared enthusiasm around massive opportunity in this space. We can now accelerate innovation, amp up the team and enhance user experience through a combination of myHQ’s tech solutions, and Anarock Group’s business expertise and scale. The hybrid approach to workspaces is on the cusp of an explosion with all companies from startups to big corporates looking to adopt some version of work-from-anywhere model,” said Kawatra, CEO of myHQ.
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