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Qdesq, the pioneering startup founded in 2015 by Lavesh Bhandari and Paras Arora, has recently made headlines by securing an undisclosed amount of funding from Gruhas, a venture capital firm specializing in PropTech. This strategic move comes amid a burgeoning demand for flexible office spaces, a trend that has accelerated significantly in the post-pandemic landscape. The funding injection represents a pivotal moment for Qdesq, a company that has been at the forefront of India's dynamic coworking sector.
At its core, Qdesq offers a range of innovative solutions, including tech-enabled coworking spaces, private offices, and a suite of on-demand workspaces such as meeting rooms, virtual offices, and day passes. In the wake of the pandemic, the demand for such versatile and ready-to-move workspaces has experienced a substantial surge, with corporates, small businesses, and startups alike embracing the flexibility and convenience offered by coworking spaces. Gruhas’ co-founder Abhijeet Pai underscored this phenomenon, emphasizing the increasing popularity of these adaptable work environments.
What sets Qdesq apart in this competitive landscape is its commitment to continuous innovation. In 2022, the company introduced Qudify, a cutting-edge enterprise Software as a Service (SaaS) platform aimed at digitizing businesses and workspaces. Qudify features an array of functionalities, including QR-based visitor tracking, streamlined meeting room management, and an efficient complaint resolution system. Since its launch, Qudify has rapidly gained traction, attracting over 125 clients and facilitating an impressive 200,000 interactions among enterprise employees and visitors. This innovative platform empowers users to visualize their future workspaces, interact with various elements within the spaces, and even personalize interiors according to their preferences.
Qdesq's success story is not merely limited to its digital offerings; it boasts a robust physical presence as well. With an extensive network encompassing 4,300 centres across 100 cities in India, Qdesq's platform handles a monthly run rate of 6,500 desk reservations. Its comprehensive suite of services caters to diverse needs, accommodating coworking spaces, private offices, and an array of flexible workspace solutions, including meeting rooms, virtual offices, and day passes.
The recent funding infusion marks a significant milestone for Qdesq, providing the company with the impetus to expand its team and enhance its technological capabilities. These strategic moves are poised to fuel substantial growth and scalability in both its coworking and SaaS businesses. Notably, Qdesq's journey to securing funding dates back to 2019 when it received backing from JLL, a testament to the startup's potential and the industry's confidence in its innovative approach.
In the Indian coworking landscape, Qdesq navigates a competitive terrain, vying for attention alongside established players like WeWork, 91Springboard, and Innov8. These industry giants, alongside Qdesq, have been instrumental in reshaping the workspace paradigm in India. The coworking market in the country is a dynamic arena, witnessing remarkable growth and transformation. According to a comprehensive study by Mordor Intelligence, the current market size of coworking spaces in India stands at an impressive $1.78 billion. Moreover, the sector is projected to experience a robust 7% Compound Annual Growth Rate (CAGR) by 2028, signifying the tremendous opportunities within this burgeoning industry.
As Qdesq charts its course forward with this newfound financial backing, it exemplifies the spirit of innovation and adaptability that defines the modern workspace landscape. The company's ability to integrate technology seamlessly into the coworking experience positions it as a trailblazer in the industry. With the coworking sector evolving rapidly, Qdesq's strategic initiatives and innovative solutions are poised to play a pivotal role in shaping the future of work in India.
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