ANAROCK Strengthens Portfolio, Acquires Flexible Workspace Platform myHQ

One of India’s leading independent real estate services consultancy ANAROCK Group has acquired myHQ, one of the largest Indian flexible workspace platforms. This will strengthen its flexible workspaces portfolio, myHQ is headquartered in Delhi-NCR, currently has over 50,000 subscribed members across 700+ spaces in 7 cities. 

Anuj Puri, Chairman, ANAROCK Group said, "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, the myHQ acquisition will further strengthen our tech and product offerings and enhance our capabilities in this vertical. myHQ will spearhead our expansion into 20+ cities. This gives us nationwide coverage in the flexible workspaces domain, and we will tap into overseas markets in the next 12 months.” 

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 and are enthusiastic about the firm's next innings under ANAROCK banner. 

Utkarsh Kawatra, CEO, myHQ said, "We're thrilled to be a part of ANAROCK, one of the biggest and most trusted real estate services businesses in the country, to take myHQ to the next level. It is a well-timed move with the right company given our shared enthusiasm around massive opportunity in this space. We can now accelerate innovation, amp-up the team and enhance user experience through a combination of myHQ’s tech solutions, and ANAROCK Group’s business expertise and scale. Hybrid approach to workspaces is on the cusp of an explosion with all companies from startups to big Corporates looking to adopt some version of the Work-From-Anywhere model. While today there is some depth of inventory in the metros, to make this model truly successful, tier-II & III cities will need to be the future growth multipliers for India's flexible workspace ecosystem.” 

myHQ Offerings + Revenue Model

myHQ’s offerings can be broadly split into two buckets. Pay-per-use FlexiPass allows individuals and teams to access 700+ flexible workspaces across the country through one pass with prices as low as INR 200 a day. All spaces on the FlexiPass come with a standardised and controlled work experience and users do not have to worry about fixed monthly rentals, security deposits and lock-ins. 

On the other end is fixed desks, cabins and managed office platform which allows corporations to choose from 700+ workspaces for leasing their ideal central HQ or satellite offices with highly flexible contracts and a single POC for their workspace needs across the country. 

myHQ also partners with cafes, coffee-shops and lounges and turns them into daytime co-working spaces to help them monetize their vacant inventory during the day. myHQ business model is specifically geared towards capturing the growing demand for flexible spaces in the country by providing a range of solutions tailor-made for individuals, startups, MSMEs and large enterprises at very attractive price points. 

myHQ is currently the only flexi-workspace platform to cater to varying needs of companies and individuals in today’s work-from-anywhere world by offering both on-demand needs via their subscription based FlexiPass and dedicated desks and managed offices as a product. Founded in 2016 by IIT Delhi graduates Utkarsh Kawatra and Vinayak Agarawal, their mission is to empower today’s workforce with freedom and flexibility to work in any-way and from anywhere by providing technology driven innovative workspace solutions. Currently present across 7+ cities with a footprint of 700+ spaces, they have helped over 50,000 individuals and corporations in having more productive days at work. 

ANAROCK’s services include residential broking and technology, retail in partnership with Vindico, commercial, investment banking, hospitality via HVS ANAROCK, land services, industrial and logistics in partnership with Binswanger, investment management, research, strategic advisory and valuations, project management services in partnership with Mace and society management services acquisition of ApnaComplex. 

The Company has a unique business model, which is an amalgamation of traditional product sales supported by a modern technology platform with automated analytical and reporting tools. This offers timely solutions to its clients, while delivering financially favourable and efficient results. 

ANAROCK has a team of over 1800 certified and experienced real estate professionals who operate across all major Indian and Middle East markets such as Mumbai, Navi Mumbai, Pune, Ahmedabad, NCR Delhi, Gurugram, Noida, Chennai, Bangalore, Hyderabad, Kolkata and Lucknow. Till date it has successfully completed over 400 exclusive residential project mandates. ANAROCK also manages over 80,000 established channel partners to ensure global business coverage.