India is fast becoming a startup hub with many startups coming up with innovative and fresh ideas. In the year 2018, more than 1200 startups came into being. With the growing number of startups, and also freelancers, the need for working spaces has risen. To meet this growing need for working spaces, co-working spaces are coming up. Co-working spaces provide small entrepreneurs and freelancers an ideal workspace and work environment.
Work Studio Coworking, a Patna based startup has come up with the vision to build a vibrant community of businesses and startups in Tier-2 and Tier-3 Cities. The company strives to make a business-friendly environment where budding organizations can grow together.
We want to provide a professional and business-friendly environment so that people need not look towards big cities for employment and can get jobs easily in their home towns.
Work Studio Coworking Highlights
| Startup Name | Work Studio Coworking |
|---|---|
| Headquarter | Patna, Bihar |
| Founder | Alok Kumar, Sonu Saurav, Rahul Samrat, Ishan Paul & Prakhyat Kashyap |
| Sector | Coworking |
| Founded | 2018 |
| Registered Entity Name | LAVERO INFRA SERVICES PVT. LTD |
Work Studio Coworking - Industry Details
Work Studio Coworking - Founder
Work Studio Coworking - The Idea and Starting Up
Work Studio Coworking - Name, Tagline and Logo
Work Studio Coworking - Services
Work Studio Coworking - Revenue Model
Work Studio Coworking - Funding
Work Studio Coworking - Customer Acquisition
Work Studio Coworking - Challenges
Work Studio Coworking - Competitors
Work Studio Coworking - Future Plans
Work Studio Coworking - FAQs
Shubham Kumar
Work Studio Coworking - Industry Details
The concept of co-working spaces has gained good popularity all over the world around the past couple of years and the trend has been well received by Indian startups too. India is the 3rd largest startup hub and the 2nd largest freelancer workforce in the world, as such there is huge scope for growth of co-working spaces in India. The potential demand for seats in the co-working space is more than 3.5 to 4 million.
Currently, the potential market size for the co-working segment across India currently stands in the range of 12-16 million.
| Segment | Market size |
|---|---|
| Freelancers | 1.54 Million |
| Startups | 0.1 Million |
| SMEs | 1.5 Million |
| Enterprise | 10.3 Million |
| Total Market Size | 15.5 Million Approx |
According to a report published in Harvard Business Review, people working in coworking spaces have a feeling of more meaningful work, more job control and sense of community as compared to those working in regular offices.
Work Studio Coworking - Founders
Alok Kumar, Rahul Samrat, Sonu Saurav, Ishan Paul &, Prakhyat Kashyap are the founders of Work studio co-working.
Alok is an engineering graduate from GIT Jaipur.
Rahul is an engineering graduate from Bhagalpur college of engineering technology and worked as a project engineer at Wipro prior to founding Work Studio.
Sonu is an alumnus of Patna University.
Ishan is an engineering graduate from Dehradun Institute of Technology.
Prakhyat is an MBA from Lalit Narayan Mithila University.
Work Studio Coworking - The Idea and Starting Up
In the last few years, Patna has emerged as a buzzing startup community and looking for work-space was an issue that the startups faced. With a view to cater to this demand for well equipped and well-managed work-spaces, Work Studio Coworking was started.
Being an entrepreneur we had the calculation ready for the requirements of the city. We analyzed it well, pitched it with some investors and got some seed money to start with. It is a great excitement to bring something new for our home town. Although it was a common concept in metros but bringing it to our state really excited us.
Work Studio Coworking - Name, Tagline and Logo
The founders wanted the name to be professional, unique and something that defines their work completely. It was Rahul who came up with the name ‘Work Studio Coworking’.
The company’s tagline is “where business grows together”.
Work Studio Coworking’s logo was designed by Alok. The logo has 6 hexagons which define the networking and collaboration of businesses. It seems all the different entities working together and help others to be completed which is our vision to bring all the resources together. Also, the logo has a mouse which defines our working structure.
Work Studio Coworking - Services
Work Studio Coworking is the largest coworking space in Patna and in Bihar as a whole. Work Studio provides all kind of office spaces like flexible seats, open dedicated seats, luxury seats, virtual office. The services offered include separate meeting rooms, conference hall, event hall cafeteria, game zone, HD projector, zero electric charges, free high-speed internet and also medical checkup facility. The space also has facilities like printing, scanning, lockers, oven, refrigerator, etc.
Work Studio Coworking started their 1st unit in Kankarbagh Patna with multiple offerings like an open desk, dedicated desk, open dedicated desk and premium of about 100 seats. The unit was started on 1st April 2018 and after 4 months the unit became profitable. Later on another unit of Work Studio with 100 seats more on 15th November in Ranchi. It got completely occupied just after the launch. The company also has units in Gurugram. There are 3 more units under construction which will be launched in upcoming months.
Work Studio Coworking boasts of a great community of around 200 people which is continuously increasing as per the units.
Work Studio Coworking - Revenue Model
Work Studio Coworking has a unique model where it provides full-fledged office space with all the services included, to company, startup, freelancer or any sort of business at such an affordable cost which may cost three times if they set it up themselves.
The company offers daily pass at INR 250/day. Depending on the services included, the other plans are Flexi Plans at INR 3500/month, open dedicated plans at INR 4500/month and dedicated Plans at INR 5500/month.
Ashwini
Work Studio Coworking - Funding
Work Studio Coworking has not raised any major funds to date.
We have received initial funding over our particular units. So we are still bootstrapped in a way.
Work Studio Coworking - Customer Acquisition
We promoted heavily by not investing but by asking people to change their profile picture of Facebook with our backdrop and it worked.
Work Studio Coworking got amazing mouth to mouth advertising and got a lot of recombination of clients. The company also keeps conducting a lot of community events which made the place one of the most happening places in the city. The ambiance is full of positivity which keeps people inspired and this is the biggest publicity trick.
Work Studio Coworking - Challenges
Many people in the tier 2 and tier 3 cities are still not aware of the concept of coworking space, which posed a challenge for Studio Coworking spaces.
It was very difficult in the initial days to make people understand what is coworking. People were not understanding the concept we were promoting. Later on, we promoted as affordable office, fully furnished office and many other ways.
Jeenal Jain
Work Studio Coworking - Competitors
Although the industry is full of big and small players, the uniqueness about Work Studio Coworking is that they are focusing mainly on tier-2 and tier-3 cities.
Work Studio Coworking - Future Plans
Work Studio Coworking currently has multiple units in Panta, Ranchi and Gurugram and all are occupied. The company is all set to launch new units in the future.
Work Studio Coworking - FAQs
What is Work Studio Coworking?
Work Studio Coworking is the largest co-working space in Bihar.
Who are the Work Studio Coworking founders?
Alok Kumar, Rahul Samrat, Sonu Saurav, Ishan Paul &, Prakhyat Kashyap are the founders of Work Studio Co-working.
What are some coworking spaces in India?
Some coworking spaces in India are Work Studio Coworking, WeWork, Innov8, Red Bricks, Skootr, Investopad, awfis, Smartworks, GoodWorks, Workafella, Hive to name a few.
Author: Chayanika Goswami
Source : https://startuptalky.com/work-studio-coworking-story-founder-funding/
Date : 2021-04-23T17:05:00.000Z