Delhi startup ONE Co.Work helps provide co-working spaces to entrepreneurs, freelancers
Helping find a work space for his sister, who was planning on starting a gems and jewellery business, turned out to be a far more cumbersome task than Himanshu Bindal had anticipated. “I did not know that acquiring a work space could be so immensely difficult— particularly for a startup. Bring prestigious addresses into the picture and the likelihood of finding a work place becomes next to impossible,” says 24-year-old Bindal.
The experience inspired Bindal to found a company with the goal of helping businesses find work spaces easily and thus help them concentrate on their core business. “Startups have relatively lower budgets and, given the competitiveness in the market, they need to begin operations as soon as possible. A comfortable, flexible, and affordable co-working space to meet the demands of budding entrepreneurs was sorely needed,” says Bindal.
In July 2015, Bindal, a management graduate from the London School of Economics, and an MBA from the SP Jain Institute of Management and Research, founded ONE Co.Work. The company, which started operations in October 2015, offers co-working solutions for startups, freelancers, artistes, MSMEs, among other businesses. Besides offering open and private office spaces, the company also offers Internet (LAN and Wi-Fi), HR, administration and IT support, reception services, hot desks, legal services, networking and mentoring sessions, and conference rooms, among other facilities.
The startup currently provides co-working office spaces in central Delhi—Connaught Place—North-West Delhi—Netaji Subhash Place— and Gurugram—Gold Souk Mall.
Bindal, who was earlier involved in his family’s business, invested Rs 30 lakh from his savings to start ONE Co-Work. His first big challenge was to find spaces with the desired built-up area, in good locations, and then turn them into coworking offices. “After an exhaustive hunt for a workable areas in all the prime locations of Delhi, we finally settled on a Connaught Place-based office as our best bet to start operations,” says Bindal. Being the centre point for the Delhi-NCR area, with easy accessibility through metro and public transports, was crucial to setting Connaught Place as ONE Co. Work’s base.
Subsequently, the startup established offices in Netaji Subhash Place and Gurugram. ONE Co. Work has a total capacity of housing 260 people, across all locations, and these are running at near total capacity. It is about to start a new office in Connaught Place which can accommodate 250-plus people and is also looking to set up offices in Bengaluru and Mumbai.
The company, whose rental plans range between Rs 500 (1-day) and Rs 13,000 (30-day), has been funnelling its earnings into the business and has not gone for external funding. “Even as a large number of startups have been piling up losses due to excessive cash burn rates, we have been growing and have been profitable,” says Bindal. ONE Co.Work is about to close 2016-17 with a revenue of Rs 1.2 crore. It has a lean staff of 17 and is growing at a 20% month-on-month rate. “This will zoom to 100% in the next 10 months,” says Bindal.
Given there are a few other players in the co-working space segment, what is it that gives ONE Co.Work an edge over competitors? And what will fuel its ambitious growth? “We not only offers prestigious addresses to work from, but also a perfect confluence of flexibility, affordability, and essential services for new-age entrepreneurs and artistes. This is our USP,” says Bindal.