Co-working operator CoWrks announced acquisition of The UnCube, which provides on-demand workspace solution.
The development signals consolidation in the fast-growing co-working segment, which is accounting for 15-20 percent of the total office space leasing across major cities. Recently, Oyo acquired Innov8 to enter into this business.
After the acquisition, Bengaluru-based CoWrks will rename the entity to CoWrks Go.
Currently, CoWrks has 25 operational centres and 25,000 members spread across two million square feet area with presence in major cities.
Founded by Sakshi Khanna in 2017, The UnCube provides co-working space for professionals on transit by partnering with restaurants and cafes. It currently has 2,500 members working across 200 locations in seven cities such as Delhi, Mumbai, Bengaluru, Hyderabad, Pune, Indore and Chandigarh.
Under the new brand CoWrks Go, it plans to expand to over 20,000 locations.
"We realised that the business complements our current offerings and we understand the importance that it holds for enterprises. Organisations seek the flexibility of operations and we are in a space now to extend the opportunity to enterprises to be productive anywhere, even when in transit," CoWrks chief executive officer Abhishek Goenka said.
With this development, he said CoWrks is expanding its network of productive spaces by bringing on board a chain of cafes, restaurants, hotels, business lounges, etc.
Sakshi Khanna, founder of The UnCube, said, "We believe that our mutual synergies of the business will truly provide holistic and differentiated solutions in the market."
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
