India Accelerator Expands Co-working Footprint with MySOHO Acquisition
India Accelerator has acquired MySOHO in a cash-equity deal, significantly expanding its presence in the co-working space. MySOHO brings 18 centers across 8 cities, over 90,000 sq. ft. of workspace, and 1,800 desks to the deal. India Accelerator plans to expand to 45+ co-working hubs in 30+ cities, increasing total workspace to 625,000 sq. ft. with 12,500 seating capacity. The company aims to offer value-added services for startups, including mentorship and investor connections. This acquisition occurs as India's flexible office market grows, with projections indicating the total co-working portfolio will exceed 100 million sq. ft. by 2026.
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India Accelerator, a prominent startup accelerator, has made a strategic move in the co-working space by acquiring MySOHO in a cash-equity deal. The acquisition marks a significant expansion for India Accelerator in the rapidly growing flexible workspace market.
Acquisition Details
The deal, whose financial terms remain undisclosed, brings MySOHO's extensive network of co-working spaces under India Accelerator's umbrella. MySOHO, founded by Tushar Mittal, Ashu Kapoor, and Navneet Gill, has established a strong presence in the co-working sector with:
- 18 centers spread across 8 cities
- Over 90,000 sq. ft. of workspace
- 1,800 desks
- Approximately 90% occupancy rate
Expansion Plans
Following this acquisition, India Accelerator has outlined ambitious growth plans:
- Expand to 45+ co-working hubs
- Cover 30+ cities
- Increase total workspace to 625,000 sq. ft.
- Boost seating capacity to 12,500
Value-Added Services
India Accelerator aims to differentiate its co-working spaces by offering a range of services tailored for startups:
- Mentorship programs
- Investor connections
- Startup-focused services
This approach aligns with India Accelerator's core mission of supporting and nurturing startups, now extended to the physical workspace domain.
Market Outlook
The acquisition comes at a time when the flexible office market in India is experiencing significant growth. According to Cushman & Wakefield:
- India represents the largest flexible office market in the Asia-Pacific region
- The current stock across top eight cities stands at 79.70 million sq. ft.
- Projections indicate the total co-working portfolio will reach:
- 85.00 million sq. ft. by December 2023
- Over 100.00 million sq. ft. by 2026
Industry Implications
This acquisition highlights the growing consolidation and maturation of the co-working industry in India. As established players expand their footprint, the sector is likely to see enhanced services and potentially more standardized offerings across different brands.
The move by India Accelerator also underscores the increasing integration between startup ecosystems and workspace solutions, potentially creating more comprehensive support structures for emerging businesses in the country.
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