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A coworking space is slightly different from a normal routine office or you could encapsulate it as a space for “Nomad Works”. A coworking space is like a custom office that offers affordable office workspaces, so it is essential to bring up the suite of the office like hot desks, coffee tables, meeting rooms. Coworking in India will be growing to $3.5 billion by 2022 from $350 million in 2018.
YesssWorks is a coworking space based in Mumbai and it brings mostly the remote workers, start-ups, workshops, entrepreneurs, and freelancers to escape their isolation from home and stay at bay from hectic office hours.
YesssWorks- Company Highlights
| Startup Name | YesssWorks Spaces |
|---|---|
| Headquarter | Mumbai |
| Founders | Mihir Shah, Nainesh Kapadia |
| Sector | Coworking/Real Estate |
| Founding Year | 2019 |
| Website | yesssworks.com |
| Registered Entity | YesssWorks Spaces Pvt.Ltd |
YesssWorks- About and How it Works
YesssWorks- Founders
How YesssWorks Started?
YesssWorks- Logo and Tagline
YesssWorks- Vision and Mission
YesssWorks- Target Market Size
YesssWorks- Products/Service
YesssWorks- Startup Launch
YesssWorks- Business and Revenue Model
YesssWorks- Challenges
YesssWorks- Customers/Clients
YesssWorks- Advisors/Mentors
YesssWorks- Funding and Investors
YesssWorks- Price
YesssWorks- Future Plans
YesssWorks- FAQs
YesssWorks- About and How it Works
YesssWorks Space is a coworking space designed and operated in a way that not only provides the workforce with a conducive environment to increase their productivity but also inspires them to grow professionally. Keeping the emerging need for budget friendly spaces in mind, YesssWorks paved its journey in 2019 focusing on Mumbai & Pune.
StartupTalky
YesssWorks coworking space is designed for effective working, with ergonomic & aesthetic designs. This not only enhances productivity but also supports creativity, and builds up a friendly community with great networking opportunities along with all requirements needed for running business operation in place. The house team provides with their availability to take care of all functions of the workspace so you can concentrate on your business.
YesssWorks- Founders
YesssWorks Space is founded by Nainesh Kapadia and Mihir Shah.
Nainesh Kapadia has done his MBA in International Business, Trade and Tax Law from Victoria University in 2001. Being the Founder and Director of YesssWorks, he develops business strategy and is a growth expert. Mr. Kapadia holds his expertise in working, leading and managing industries across packaging, banking, dairy, automation, e-com and technology. He has shown his keen interest in Rural and Economic Development models. He has a soft corner for animals and being a business man he never lags behind when it comes to volunteering. He is a trustee member of well-known animal welfare society i.e. Shrimad Rajchandra Love & Care.
Mihir Shah had done his B.Tech in Electronics from University of Mumbai (batch-1997), and M.S. in Computer Engineering from The University of Texas at Austin. After graduating from his engineering life, he right-away geared up for Management Studies in Finance from The Wharton School. Maintaining his responsibilities as a founder of YesssWorks, Mr. Shah is the Director of Ubuntu Montessori and is also Co-Founder of XSTOK. It can be said that he had his major break in January 2015, and he’s been holding high positions since then.
Given the small team, both focus on all aspects of the business. However, individual responsibilities and various roles are divided for clarity in responsibility.
How YesssWorks Started?
YesssWorks emerged from earlier Fundtonic, which was a seed funding incubator. The company started as a coworking spaces to provide office space at affordable prices to its incubated companies. Modern and open custom office space at affordable prices was a big hit with its incubated companies and the demand spread to a broader startup universe. This leads to the opening of a new vertical in coworking sector to bootstrapped startups, and eventually established corporates providing holistic business space solutions.
In 2019, the coworking business was carved out into a separate entity to focus entirely on providing a contemporary working environment. YesssWorks understands the need for flexible & ergonomically designed workspaces which are economical and provides a comfortable space.
YesssWorks- Logo and Tagline
YesssWorks Space Private Limited provides modern and beautiful office workspaces for creators and inspiring community. With an elegant logo, YesssWorks gives a tagline to the company: "Luxuriously handcrafted spaces re-engineered for your needs. Upgrade your office space and move into YesssWorks coworking!"
YesssWorks- Vision and Mission
YesssWorks keeps up with a vision to enhance today’s rapidly evolving work by connecting people in thoughtfully designed easily accessible spaces. Due to it’s cost-effectiveness, it is not only budget-friendly but the workspace covers all the major commercial hubs in Mumbai and Pune. The shared workspace aims to provide targeted technology and business solutions for entrepreneurs, SMEs and enterprises for ease of business.
YesssWorks- Target Market Size
Coworking in India will be growing to $3.5 billion by 2022 from $350 million in 2018, and YesssWorks targets working on this. Their sector is an agnostic coworking space that caters to all types of business from freelancers, startups to established corporates. It's not possible to point out at just some sectors to specify the size of the target market but their focus is Mumbai and Pune, which are among the top 5 cities in India for commercial space and coworking space given the high concentration.
StartupTalky
They not only focus on the established corporates but also bootstrapped companies & startups for providing flexible workspaces & other business solutions. The company’s different product offerings and budget friendly ergonomically designed workspaces are something that differentiates us from their competitors. Also, they work more on providing the best possible experience & comfort to each one of our members by understanding their individual needs. The team of like-minded professionals ensures nothing but the best services provided to everyone working out of their hubs in both the cities, Mumbai and Pune.
YesssWorks- Products/Service
YesssWorks is providing workspace as a service. They keep their focus more on providing the best possible experience and comfort to each one of our members by understanding their individual needs. The custom office has built its infrastructure in a way which provides all the amenities of contemporary office in beautiful and ergonomically designed workspaces with full services which has resonated strongly with our customers.
YesssWorks is known for its services and products offered to the market. They focus on ensuring the warm & friendly community culture for people who visits the workspace.
StartupTalky
YesssWorks- Startup Launch
They started with one location in Andheri East (Mumbai). However, based on demand from their customers, they started evaluating other “hot” commercial sectors in need of office space and infrastructure solutions. They studied the need & demand of the emerging startups and key geographical markets narrowing down to Mumbai and Pune as key focus markets. The focus was to give ease of access and ability to work anywhere in these two cities which helped them to come up with different segments of spaces in regards of customization and flexibility for almost every demand group in the industry.
StartupTalky
The evolution has mostly been organic as they were able to capitalize on customer service and ease of operations from their coworking hubs. They also host events, celebrations, talk shows, mentor access, partnerships for our coworkers. They are a coworking with minimum frills allowing their customers to work whenever they want and be the part of the coworking community.
YesssWorks- Business and Revenue Model
Their primary product is office space sold by seats. Clients avail to Flexi seats, Fixed seats, Cabin seats, or customized area. Pricing ranges from 4,999 per seat to 15,000 per seat depending on the type of seat. The contracts range from daily pass to monthly to annual contracts.
They also provide ancillary services for the comfort and convenience of the coworkers such as courier, stationery, concierge, pantry, bandwidth on demand, 24 hours operations and many more
YesssWorks- Challenges
Every startup faces challenges once when they begin to grow. Since, YesssWorks is a coworking community where people gather up to meet with their remote teams. More recently, the COVID-19 pandemic situation has hit the coworking industry brutally. Not only the offices have had to remain shut for extended times, a lot of the customers are seed funded & bootstrapped businesses which are struggling to survive as the economy continues to remain closed due to the sudden financial hit in their respective businesses. So, many co-workers chose to downsize within the current contract while some chose to opt for account suspension for at least upcoming 3-4 months.
The challenge for coworking space companies is that the major burden of loss of business is being borne by them as coworkers have demanded discounts and waivers while the landlords (which is typically 50% of expenses) have not provided any corresponding relief.
StartupTalky
They’ve continued to work with our coworkers to find a mutually acceptable solution. To make it work, they have offered deep discounts, accounts suspension without penalties and even free usage to support our clients. The key has been transparent discussions about the situation and costs. YesssWorks has also proactively passed any benefits in operational costs (lower electricity, housekeeping, etc.) back to the clients so that there is no undue benefit to us.
They are trying to support all businesses working with them with their hardships to make sure they can manage without undue burden theirs during these difficult times of global pandemic.
YesssWorks- Customers/Clients
They have been very active in their sales channels while building personal relationships and offering incentives to foster a long-term partnership. They have 4 key channels:
- Brokers – They’ve cultivated relationships with IPCs and local brokers for large and corporate clients looking for office space.
- Online – They target freelancers, individuals, small businesses through Google and social media ads.
- Aggregators – They are registered with all prominent online aggregators of offices space
- Office Mapping – Their sales team runs outreach programs to all commercial buildings near their hubs to target companies that have outgrown their offices and in need of few additional seats.
StartupTalky
YesssWorks has partnered with various service providers to provide discounted value-added services to our coworkers
- Business Services: Logistics, Outsourced HR, Outsourced accounting, legal services
- Personal Services: Salons and restaurants in the vicinity of the hub, subsidized doctor visit for routine checkups, etc.
Their most popular and successful marketing campaign is a 3-Day Free Trial. This works especially well for 1 to 10-seater clients. We have a conversion rate of 96%for the clients who have tried the space and signed a contract for a service plan.
YesssWorks- Advisors/Mentors
They have on their board industry experts and businessmen who themselves made it to the top on their own.
- Bhavin Parikh, GlobeTextiles limited
- Dhiren Shah, Moneybee Advisors
YesssWorks- Funding and Investors
They’ve raised friends and family round to seed money, initially. Being in the market and handling over 1000+ seats they have understood the business and are now ready for expansion and partnership opportunities. They believe that a bigger footprint in these two cities will be the way forward for the coworking community.
YesssWorks- Price
Universal Day Pass -- Rs 999/- for 5 days at any of our hubs
YesssWorks- Future Plans
They have 4 locations, while 2 in Mumbai (Andheri MIDC, BKC Annexe) and 2 in Pune (Baner, Bavdhan) with expansion plans in both the cities. Their team members have grown from 100 to almost 1000. The company has served more than 200 different companies of all sizes – individuals / sole proprietors to large conglomerates.
We believe, coworking as a sector will continue to grow as more and more companies have become more comfortable with shared office space, and they are quite liking the idea of not having to spend on capital expenses or getting stuck to long term commitments for rentals and fixed expenses.
Their main focus is in Mumbai and Pune, two of the largest coworking markets in India. They believe, rather than one or two large spaces (>50,000 sq ft), they would like to build mid-size spaces (15,000 to 20,000 sq ft) all over Mumbai and Pune targeting every commercial area. The idea is to blanket the cities so companies don’t need to concentrate their teams in one area but can have their teams split across different hubs with seamless interchangeability and also intercity functionality from YesssWorks being the common office space providers.
They strongly acknowledge that this will help reduce inefficiencies like commute time, setup costs, and improve work productivity and improve work-life balance. By providing familiar and similar business environments across all Hubs, a co-worker can sit out of any convenient hub and feel comfortable and have access to all amenities anywhere.
YesssWorks- FAQs
What is YesssWorks?
YesssWorks Space is a coworking space designed and operated in a way that not only provides the workforce with a conducive environment to increase their productivity but also inspires them to grow professionally.
Who founded YesssWorks?
YesssWorks Space is founded by Nainesh Kapadia and Mihir Shah in 2019, which is based in Mumbai and Pune.
What will be the growth of Coworking sector in India?
Coworking in India will be growing to $3.5 billion by 2022 from $350 million in 2018.
Author: Avantika Bhardwaj
Source : https://startuptalky.com/yesssworks-success-story/
Date : 2020-09-09T08:54:04.000Z