CoWrks acquires The UnCube; to provide a flexible workspace in coffee shops, hotels
New Delhi, August 14 () The main CoWrks joint work operator announced Wednesday the acquisition of The UnCube, which provides a work space solution on demand.
The development points to the consolidation in the fast-growing joint work segment, which represents 15-20 percent of the total lease of office space in major cities. Recently, Oyo acquired Innov8 to enter this business.
After the acquisition, CoWrks based in Bengaluru will now change the entity's name to CoWrks Go.
Currently, CoWrks has 25 operational centers and 25,000 members spread over an area of 2 million square feet with a presence in major cities.
Founded by Sakshi Khanna in 2017, The UnCube offers joint work space for professionals in transit by partnering with restaurants and coffee shops. It currently has 2,500 members working in 200 locations in seven cities such as Delhi, Mumbai, Bangalore, Hyderabad, Pune, Indore and Chandigarh.
Under the new CoWrks Go brand, it plans to expand to more than 20,000 locations.
CoWrks Executive Director Abhishek Goenka said: We realized that the business complements our current offers and we understand the importance it has for companies. Organizations seek the flexibility of operations and now we are in a space to extend the opportunity for companies to be productive anywhere, even in transit.
With this development, he said CoWrks is expanding its network of productive spaces by incorporating a chain of coffee shops, restaurants, hotels, business halls, etc. Sakshi Khanna, founder of The UnCube, said: We believe that our mutual business synergies will really provide comprehensive and differentiated solutions in the market. MJH HRS