iKeva to open 15 new co-working centres

Hyderabad: Co-working space provider iKeva on Thursday announced that it has raised an undisclosed amount from Meenakshi Group to set up 15 new centres in the next 12 months and strengthen its robust back-end processes and technology.

Monika Misra, Co-founder and General Manager, iKeva, said the fresh infusion of funds would help them speed up business expansion this year and foray into new fast growing cities.

iKeva has eight centres across five major metro cities - Bengaluru, Chennai, Gurgaon, Hyderabad and Mumbai. Two new centres are set to open in Hyderabad in the next three months, according to a statement by the company.

According to CBRE, the co-working/shared office industry in India has shown a yearly growth of 23 per cent since 2013. By 2025, 40 per cent of the overall workforce is predicted to work from co-working spaces.

iKeva's revenues recorded an increase of 40 per cent in the last fiscal and the target is to double this growth.

"As a strategic investor, iKeva's business model and the sustained growth achieved over the years, combined with a focus to tap into lucrative millennial-driven sharing economy hold great promise," said Mahesh Katragadda, Director of Meenakshi Group.

Meenakshi Group is one of India's leading IT Park developers and has an impressive presence in real estate, power, highway projects and property management verticals.

Its real estate portfolio includes over 12 million square feet delivered space, about 6 million sq ft under delivery and another 6 million in the pipeline.

Meenakshi Group has a venture funding initiative with $10 million commitment meant to encourage new-age enterprises, innovative processes, and promising businesses.

iKeva's co-working spaces range from 10,000-15,000 sq ft, and offer a bevy of services and amenities including flexible fully furnished workspaces, high- speed internet, professional team, reprographics and high end IT.