Co-working startup Synq.work to invest Rs 7 crore for three new centres this year

The rentals start at Rs 6,999 per seat at its Gurugram centres, Rs 17,999 per seat for the Aerocity centre and Rs 6,000-Rs 8,000 for the Noida centre. (File photo)

Co-working startup Synq.work is planning to invest around Rs 7 crore this year to expand its presence in Delhi-NCR and Chandigarh. While the company plans to add 50,000 sq. ft co-working space in Delhi-NCR, its Chandigarh centre is expected to be spread across an area of around 25,000 sq ft.

The company is planning to invest around Rs 7 crore in the next two quarters to open the new centres, Pratik Sud, founder and CEO of Synq.work told Moneycontrol.

"The four centres in Delhi-NCR are self-funded. We have invested around Rs 4 crore in these four centres and we plan to invest around Rs 6-7 crore in the next two quarters," said Sud.

Its upcoming centres in Golf Course Extension Road, Gurugram and Inner Circle in Connaught Place, Delhi, will have a capacity of 550 seats. The Chandigarh centre will have around 350 seats.

The company has recently added four new co-working sites in Delhi-NCR with a total seating capacity of 1,150 seats spread across an area of over 55,000 sq. ft. The centres have come up at Aerocity, Gurugram Sector 44 near HUDA City Centre, Golf Course Road and Noida at a cost of Rs 4 crore.

The rentals start at Rs 6,999 per seat at its Gurugram centres, Rs 17,999 per seat for the Aerocity centre and Rs 6,000-Rs 8,000 for the Noida centre.

Sud said that there are plans to enter the Chandigarh market by the next quarter. "Currently, our focus is on the Delhi-NCR market. We will be starting our centre in Chandigarh within the next three months," he said.

The Synq.work founder also said that the company had to consolidate some of its space in its Gurugram centre during COVID-19.

"In SAS Tower Gurugram, we had three floors when we launched in 2020. Due to COVID-19, we consolidated that into one-and-a-half floors. While the capacity of the centres remains around 820, at present its enabled capacity is around 600 seats. The occupancy at present is around 85 percent," he said.