VORQ Space ventures into co-working spaces in Tier II markets
VORQ Space, a leading Mumbai based start-up in the co-working space has announced to further venture into tier II markets of India investing USD 5 million for expansion in the next 3 years. After opening two successful boutique spaces in Mumbai, Founder Akshit Mehta aims to open 10 more working spaces by 2020 with keen interest towards penetration in tier II markets. In the next 3 years, the company targets to develop approx. 2500 and 1400 seats in tier I and tier II markets respectively; estimating to develop a total space of around 200000 sqft in both the categories. The focus locations in the first phase are Goa, Surat, Nashik. VORQ Space will be opening 2 offices in each city.
VORQ Space feels that there is a huge potential in tier II markets as the research done by the start-up states that in the recent years, numbers of home-grown start-ups and entrepreneurs from Tier 2 cities has exponentially increased. The industry in these markets are not the same any more, as most of the people from Tier 2 cities who would travel to the Tier 1 cities in search of reliable infrastructure, are now rethinking and looking for such resources within their cities. The availability of internet has helped boost the home-grown start-ups to work from within their locations, instead of being less productive while moving around.
Commenting on the development, Mr. Akshit Mehta, Founder, VORQ Space said, “The exponential growth of Co-Working Spaces globally means that the world is adapting to changes in the way of work. We at Vorq Space are extremely excited to venture into the cities which are in need of such work setups; considering the increasing numbers of entrepreneurs from such cities. The Office Culture that we are looking to bring into the Tier II cities is much like as existing in the Tier 1 markets currently. Flexible working hours, easy-to-commute work locations, and the availability of high-quality services such as the internet, administration, etc. at economical and affordable prices are the key features that we aim to incorporate.”