Workspace aggregator Qdesq raises angel funding for expansion
Branded workspace aggregator Qdesq Realtech Pvt Ltd has raised an undisclosed amount of funding from a clutch of investors, including Jai Drinks Pvt. Ltd director Anuraag Jaipuria, Jaipuria Beverage and Food Pvt. Ltd director Ruchirans Jaipuria and Kajaria Ceremics joint managing director Rishi Kajaria.
Existing investors Dheeraj Jain of Redcliffe Capital, and angel investors Ankush Nijhawan, Gaurav Bhatnagar and Manish Dhingra also participated in the round, Qdesq said in a statement.
The company will use the funds for expansion, marketing and technology enhancement. Gurgaon-based Qdesq plans to expand its presence in other metro cities such as Mumbai and Bangalore.
In January, the company had raised an undisclosed seed round to build its team, ramp up operations and technology, and acquire third-party venues.
Qdesq was launched in December 2015 by Paras Arora and Lavesh Bhandari. Arora, an alumnus of London Metropolitan University, has previously worked with Colliers International and Anant Raj Industries. He is also a partner at Udaan Angels. Bhandari is from IIT Delhi, and worked with Ixigo and Royal Bank of Scotland prior to founding Qdesq.
The startup aggregates ready-to-move-in workspaces at standardised prices with amenities such as free WiFi, power backup and a virtual business concierge service. Its inventory consists of both company-owned managed workspaces as well as Qdesq-verified third-party listings. The company is present with 216 venues across Delhi-NCR and claims its revenue is growing 60% month-on-month.
"We aim to have 200 monthly bookings in the on-demand business and 500 work desks under ongoing monthly occupation before December 2016," Arora said.
Ruchirans Jaipuria said the need to find workspaces quickly and efficiently affects businesses of all sizes. "Qdesq has done an extremely impressive job of building a solution for small and medium businesses that leapfrogs the cumbersome methods that came before it," Jaipuria added.
Qdesq competes with Mycuteoffice, BHIVE, Innov8, Nasscom Startup Warehouse and Kochi's Startup Village, among others. In May, co-working space BHIVE raised about $1 million in a funding round led by Blume Ventures. The Bangalore-based workplace provider had raised an undisclosed amount in angel funding from a bunch of investors in February.
Last year in May, Mycuteoffice had raised an undisclosed amount of angel funding.
Innov8 is among the three startups selected by YCombinator for a three-month programme based out of its Mountain View headquarters.
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