Chennai: Ever since the concept of co-working entered India, the idea of shared office has changed radically. With India being one of world’s largest cradle for start-ups, the need for co-working space continues to thrive.
One of our nation’s economic and cultural hot spot, Mumbai, has breathed a fair share of new players hoping to make a dent in this sector.
Among them is Vorq Space that has continued to expand and thrive since October 2016. Founder, Akshit Mehta spoke to News Today on the growing demand for co-working, performance and future expansion plans of his startup and more.
Excerpts from the interview
Q: Can you tell us why co-working has become a trend? Why is it a good option than owning separate office space?
A: Commercial real estate is becoming a luxury. There are various companies that relocate every two-three years. Long term leases don’t make sense when such are the dynamics of commercial real estate. Long distances, time spent to travel to a workplace, higher operating expenses and challenges of retaining top talent have led to a vast increase in number of people telecommuting and working remotely. Co-working can lead to mutually beneficial establishments by following norm of a shared economy.
Q: What makes Vorq Space different from your competitors?
A: One major value of Vorq has been the design aspect. We have designed our spaces in possible ways where our employees and members are provided with tools they need to ensure efficiency in their job which allows them to be more productive. Incorporation of an inspiring, brand-strengthening working environment is what we communicate that we are proud of.
We have ensured to provide proper lighting and ergonomically designed workspaces which reduces strain on eyes and body resulting in less time off, less time at water cooler, and more time being productive. An atrium in the space has provided us with the benefit of curating all our events within that area, and by doing so, any person moving around would have access to that atrium and provides members access to anything happening within the space in case they missed it being tucked away in their cabin.
Q: Has the economic slowdown affected co-working sector?
A: Currently, the coworking industry is still a growing industry. The needs of today’s business era should be supplied before the wants. Meeting this needs, is a difficult task, as needs keep changing with time. Over the next few years, the sector will see an increasing need for coworking spaces from larger businesses, as corporate occupiers embrace a more dynamic coworking culture. From the looks of it, coworking is powerful enough that I don’t see it as a dying industry. It is here to stay and to set a base for the future of work.
Q: How has Vorq Space performed since inception?
A: Our vision has always been to create a culture that’s as eclectic as our members. After all, it’s the people who define a workplace. We are striving to provide an environment that brings people from diverse fields together, thus encouraging networking and subsequent growth from it.
We are currently in talks with investment companies and major international banks to create strategic partnerships for events and for provision of services for startups and members within our community.
Currently, we do have a few FB partners in the area around our spaces. We are also in the final development stage of the Vorq Space mobile application. Once the app goes live to our members, they could avail various perks from AWS, Google Cloud, Office365, Airbnb, Shutterstock, etc.
Few of our members include, TedX Gateway, Clap Global, Storynmore, Redesyn, ETE Studio, Book My Forex, Officepulse, etc. In terms of financials, we are bootstrapped since October 2016. Invested personal funds of approximately Rs 3CR. Gross revenue of approximately Rs 2 CR with y-o-y growth of 30 per cent-35 per cent.
Q: Tell us about your future expansion plans.
A: Currently, we are studying markets of Goa, Pondicherry, Vizag and Indore for co-living segment. Co-living is a new take on an old theme; a way of living with community and collective experiences at its core. A place where diverse individuals of different ages, cultures, genders, and languages, come together to form their own environment in which they live and play. Keeping in mind the amount of time someone spends travelling to his/her workplace, we felt it would be more productive in case a person was living and working from same space.