Real estate consultancy firm Investors Clinic and coworking space provider Kocreate have agreed to invest ₹10 Crore in an equal joint venture for creating new shared workplaces.
As per the report, Investors Clinic will exclusively tie-up with builders to create office space and Kocreate, which has expertise in managing coworking spaces, will bring the operational knowledge in creating and running the centres. The consulting company will firm up partnerships with builders who are cash strapped due to a lack of funding in the last few quarters.
The founder of Investors Clinic commented that the firm has been trying to expand its business operations and coworking is the next big leap. Investors Clinic has been delivering its services in real estate to its partners, consumers, and builders. The latest move will be an extension of present services where we will offer exclusive profitable ventures to the partners.
Both the companies have put in ₹5 Crore each for the initial investment. The Joint Venture plans to add 5,000 seats within a year in Delhi-NCR and expand operations nationally. The new company will be branded Kocreate.
Kocreate founder commented that this joint venture will bring in a win-win situation for both the parties while looking at the business expansion and Investors Clinic will venture into a new aspect of real estate. He also added that all the coworking spaces by Kocreate will be state-of-the-art, Al-enabled, and Covid-19 Compliant. The firm already has centres in Noida under the brand name Kocreate.
Recently, a bunch of coworking companies have emerged in real estate spaces in the last few years. The convenience and cost-effectiveness offered by coworking firms have made them quite popular among startups, freelancers, and even enterprises.
According to the director of Redbrick Offices, a lot more people will be open to owning offices in coworking spaces in the future. People will start looking at more flexible ways of working and hence coworking will be more of a norm than an alternative.