The start-up will utilise the newly generated fund to expand its team
Gurugram-based coworking space provider OfficeBanao has raised $6 million in a seed funding round led by Lightspeed.
The start-up will utilise the newly generated fund to expand its team. It will hire more skilled staff to boost its business operations. The team currently works with 110 employees and plans to expand it to 250-300 by the end of this year. Additionally, it wants to mark its foray into the top 25 markets in the future.
Founded by Tushar Mittal, Akshya Kumar and Divyanshu Sharma, the company aims to create a marketplace for designers, architects and contractors. It operates in 15 cities and eyes to provide workspace service to small start-ups and business owners in the country. According to a report by Techcrunch, the company is earning around $5 million in revenues every quarter.
Talking about the latest development, Tushar Mittal, the founder and CEO of OfficeBanao, said, "We have observed that the experience of designing and developing an office, especially for a small to mid-sized business, is far from ideal. The sector is unorganised, and we believe a tech-led approach can help deliver a good experience to workspace owners."
Addressing their decision to invest, Rahul Taneja, partner at LightSpeed, said, "With its depth of experience and supplier network, the OfficeBanao team is well-placed to disrupt the existing opaque experience that plagues the industry today. It is encouraging to see the early progress and the sustainable business model, and we look forward to their continued expansion."
The funds will be used to develop the company’s flexible workspace aggregator technology and for further expansion in India and into Southeast Asia and the Middle East and North Africa regions
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