The Anarock has acquired a 75 per cent stake in myHQ, a booking platform for co-working spaces, in a cash and stock deal of around Rs 125 crore, as it seeks to tap the growing demand for flexible workspaces amid the COVID pandemic.
myHQ, headquartered in Delhi-NCR, currently has over 50,000 subscribed members across 700+ spaces in seven cities.
“We have acquired a 75 per cent equity stake in myHQ in a cash and stock deal size of around Rs 125 crore. The amount also includes the fund infused by us for the growth of myHQ,” Anarock Chairman Anuj Puri media reported.
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Post-acquisition, myHQ will retain its distinct brand and independence. Utkarsh Kawatra and Vinayak Agarawal, both IIT-Delhi graduates who founded myHQ in 2016, will remain on board as founding partners. Puri said the company had made this acquisition as it sees huge business potential in the flexible workspace segment as the demand from corporates and individuals has grown amid the COVID pandemic.
“Coming on the heels of Anarock introducing US-based Upflex Inc, a hybrid booking platform with the largest global network of flexible workspaces, to India, myHQ acquisition will strengthen our tech and product offerings and enhance our capabilities in this vertical,” Puri said.
