MyCuteOffice, a Mumbai-based on-demand platform which works as a marketplace for shared office spaces has raised an undisclosed amount of funding in seed round from Lead Angels.
With the funds of this seed round, the company is planning to invest money in process building and experimenting for activities related to market capturing. It is currently operating in 6 cities including Mumbai, Bangalore, Hyderabad, New Delhi, Noida and Gurgaon.
MyCuteOffice was founded in January 2015 by Abhishek Barari along with Rahul Shelke and Neelay Jain. It is a marketplace for sharing work space, offices and studios with small businesses to save on office setup and rental costs. It allows businesses to rent spaces on hourly, daily or monthly basis.
The company claims to have more than 1573 workstation facilities and it has connected over 400 space seekers to space providers within just four months. It currently has team of six peoples and is planning to expand its team to 12 people by the first week of June.
Discovering a working space on the platform is pretty much straight forward. You log on to their website, and you get presented with two options. You can select whether you are in need of a office space or you intend to share your own.
You can manage your entire system by simply logging in to your account and check your current space position via a dashboard. The entire platform is free for those who seek a place, however the startup charges a certain amount of commission from those who intend to list their place on their platform. The commissions vary from 10% of the total cost to 1 month’s rent of the space.
Abhishek Barari said, co-founder of the company, said,
Our focus is on supply rather than demand. We are looking to have around 5,000-7,000 listings on our portal by this year-end, so that we can offer at last 50,000 workstations.The capital raised will be mostly invested into process building and experimentation in terms of market capturing exercises.
Sushanto Mitra, founder and CEO of Lead Angels, said,
We are excited about MyCuteOffice as the market is large and disorganised and the team has the determination to grow this into a large business. Lead Angels is looking at ideas which try to solve a big problem.
MyCuteOffice is currently operational in Mumbai, Bangalore and Hyderabad and expansion plans are on the charts.
The company is already in talks with many Venture Capital firms for its next round of funding. It is looking to raise another round of funding of about Rs. 6-9 crore in three months. After the next round, it is also planning to expand its service to Tier II and will also launch its mobile app.