India is rapidly evolving into a startup hub. Different startups are coming up with inventive and fresh ideas. With an increasing number of startups, and also freelancers, the necessity for working spaces has raised. The potential demand for seats in the co-working space is more than 3.5 to 4 million. To meet this ever-increasing need for working areas, co-working spaces are arising. Co-working spaces equip small entrepreneurs and freelancers with an ideal workspace and work environment.
Sighting the gap in the market, Alok Kumar (26), Prakhyat Kashyap (25), Rahul Samrat (27), Ishan Paul (29), and Sonu Sourav (29) started Work Studio Coworking in Patna in April 2018st. Work Studio Coworking, a Patna based startup, has come up with the vision to build a lively community of businesses and startups in Tier-2 and Tier-3 Cities. The company seeks to make a businesslike atmosphere where budding organisations can evolve together, and people need not look towards big cities for employment and can get jobs quickly in their hometowns.
“Having a coworking space in Tier II and Tier III cities will not only have the potential to initiate reverse migration, but also has the potential to create a vibrant ecosystem of entrepreneurs, and eventually increase the State’s economy,” Alok says.
The Idea and Beginning
In recent years, Patna has arisen as a buzzing startup community and gazing for work-space was an issue that the startups encountered. To cater to this demand for well equipped and well-managed work-spaces, Work Studio Coworking was launched. Work Studio furnishes all kinds of office spaces like adjustable seats, dedicated open seats, luxury seats, virtual office. Apart from the five co-founders, Work Studio today has a team of 15 members. After solidifying a firm ground, Work Studio ventured out into the market with its first coworking space in Patna, Bihar. After that, they started two in Ranchi, one in Gurugram, and another one coming up in Indore. Work Studio Coworking boasts of a great community of around 200 people which is continually increasing as per the units.
Working Studio- Revenue Model and Funding
Presently bootstrapped, the fathers initially each merged in Rs 50,000 from their savings to invest in the startup. The startup currently offers 500 seats across its four spaces. It provides seats under different categories – open desks, dedicated desks, private chambers, and virtual offices. The seats vary between Rs 3,500 (for budget coworking) and Rs 5, 500 (for dedicated seats per month. In addition to delivering low-cost workspaces for startups, the startup also allows the flexibility for companies to grow as and when expected.
Similarly, all of their spaces are centrally placed. At present, some of its prominent clients include startups such as Zomato, Swiggy, PhonePe, Car24, Udaan, DeHaat, Cloudtail, and a few MSMEs and freelancers. Although the enterprise is full of big and small players, the uniqueness about Work Studio Coworking is that they are concentrating mainly on tier-2 and tier-3 cities.
After beholding Rs 2 crore turnover in just a year of its launch, the startup is now energetically looking to raise funds. They are looking for funding to set targets much bigger and achieve them before time. However, they are planning to hit 25 coworking spaces by the end of 2020, irrespective of funding. Work Studio Coworking currently has multiple units in Panta, Ranchi, and Gurugram, and all are occupied.