Shared & Co-Working Startups are Laying the Foundation for Business Growth in India

Shared office spaces have become quite popular in India in the last 5 years. Its massive growth has disrupted the conventional work environment and helped India to get on a progressive track.

Steady economic development and burgeoning startup community in India is driving the flexible workspace industry. In the Asia-Pacific (APAC) market, India has the 2nd largest flexible workspace market, second only to China. CBRE report has found out that in the last 4 years, US$3 billion has been infused in the shared office space market, making it one of the fastest growing emerging markets.

The concept of shared office spaces is catching up in metros and now in the tier II and tier III cities as well. Startups like MyBranch, Qdesq and Flipspaces are coming up with technology driven solutions for start-ups & big firms so that they can continue growing their businesses in this COVID era. Let's have a look at their business model. 

1.    MyBranch:  The firm works on the concept of shared working space and helps big corporate firms to extend their footprints in the Tier -2 & Tier- 3 cities. It came into existence in 2016 and since then has expanded its services in 25+ cities services across India. The firm plans to extend its services to 100 MyBranch locations by the year 2021.

2.   Qdesq: Qdesq is a coworking aggregator and was founded in the year 2015. They provide a tech-enabled platform for the workforce to search and book flexible workspaces. The firm recently launched Qpro; a new vertical to accelerate the restrategizing of workspaces. The platform provides on-demand dedicated desks and promotes work near home.

3.   Flipspaces: Flipspaces is a tech-enabled venture in interior design, products, and projects for commercial spaces. The firm was founded in the year 2015 and since then they have managed to acquire global experience in designing and building for Fortune 500 companies, start-ups, and coworking spaces. 

Restrategize Your Workspace with Qpro by Qdesq Across India

Qdesq recently launched Qpro, a new vertical to accelerate the restrategizing of workspaces. As the world is amidst the battle with COVID-19, people who started work from home are still sticking to it post lockdown. The fear of the pandemic is restricting many professionals to step outside of their homes and sit out of office. 

Qpro provides on-demand dedicated desks and promotes work near home. You can book any number of desks and pay monthly. Qpro stresses highly on the word 'flexibility' and hence ensures no-security deposits and no lock-in period. 

The traditional days of having a single office are to be left behind. The new world workforce seeks flexibility to work from anywhere. The head office should be reformed as the place for top executives and conduction of data-sensitive operations. While the teams can work remotely from various managed offices. Qpro acts as the business contingency plan and creates a framework to segregate your team in various offices inter/intra city and puts your business back in action. 

"Qpro will enable all firms to have a financially prudent and productive parallel to work from home, having a fruitful workspace with no strings attached that too on-demand basis in terms of location and flexibility," says Paras Arora, CEO & Co-Founder, Qdesq.

All the offices booked through Qpro are affordable and aesthetically designed. The presence of premium facilities will increase the level of productivity. The managed offices have all the basic and advanced amenities like high-speed internet, transport accessibility, CCTV/security, cafeteria, centralized A.C., etc. One of the key advantages is all the spaces available for booking, abide by the COVID-19 precautionary and check measures, including regular sanitization, social distancing, and adherence for masks

"Qpro not only upgrades the performance factor of the quality but also applies on your financial front where you save capital in the form of no Capex, add of multi-year leases, add or removing a desk as per your requirement, zero fit-out cost etc. which makes it a viable option,” says Lavesh Bhandari, CTO & Co-Founder, Qdesq

Productivity and growth-oriented environment comprise various factors such as infrastructure, energy, and team collaboration. All of these traits are present in a good working milieu and will have a positive impact on your performance. The future of the workspaces is not working from home rather work near home. 

From a single desk to an enterprise solution, Qpro believes in flexibility and productivity for you and your team. It currently caters to Bangalore, Hyderabad, Delhi-NCR, and key micro-markets in other cities. 

YES BANK Launches Banking Services on WhatsApp; Brings 60+ Products and Services to the Popular Messaging App

Uninterrupted banking Now Just a Message Away

* 24x7 Banking assistance, without the need for branch visits for key services

* Fully secure interactions with end to end encryption

* Potential customers can apply for 60+ products and services through WhatsApp

YES BANK announced the launch of WhatsApp banking services to empower customers and enable them to bank securely from the safety of their homes. This is in line with the Bank’s strategy of building a transformed ‘Digital Bank’ by making banking simpler and intuitive for customers.

Customers can now check their savings account balance, view recent transactions & digital banking products, avail loan against fixed deposits, order cheque book, report unauthorized transactions, connect with Contact centre via call or email, apply for 60+ products & services, donate to PM CARES Fund, view COVID-19 relief package, redeem reward points and locate nearby ATMs and branches, all just through a message.

Built on an AI enabled 24*7 personal banking assistant, YES ROBOT, banking through WhatsApp provides convenience as well as highest level of information security - the messages are secured with end to end encryption. Also, the green badge against the Bank’s name ensures that customers are interacting with a verified business account.

Key benefits of YES BANK WhatsApp banking services

* Trained for 10,000+ Banking related queries

* Powered by AI-enabled chatbot, YES ROBOT with Microsoft Azure’s cognitive services

* 24*7 Banking assistance on-the-go

* No additional app download needed

* Safe and secure transactions with end-to-end encryption

* Easy access and convenient banking

Commenting on the launch, Ritesh Pai, Chief Digital Officer, YES BANK, said “We are pleased to offer the convenience of round the clock banking assistance on WhatsApp, a platform that customers are familiar with and use frequently. The banking requests from customers will be addressed on a real-time basis through the messaging platform, thereby making banking more efficient. YES BANK will continue to leverage technology to create simple and innovative solutions for customers to enjoy banking services in a seamless and secure manner.”

To activate WhatsApp banking services:

Missed call: Give a missed call on +91-829-120-1200 to receive an SMS with a link to activate services.           

Save the contact: Save +91-829-120-1200 to contacts, open WhatsApp application and say ‘Hi’ to get started.           

Click Hi: Click on 'Hi' on YES BANK website (bitly link) and start chatting.     

About YES BANK

YES BANK is a ‘Full Service Commercial Bank’ providing a complete range of products, services and technology driven digital offerings, catering to Retail, MSME as well as corporate clients. YES BANK operates its Investment banking, Merchant banking & Brokerage businesses through YES SECURITIES and its Mutual Fund business through YES Asset Management (India) Limited, both wholly owned subsidiaries of the Bank. Headquartered in Mumbai, it has a pan-India presence across all 28 states and 8 Union Territories in India including an IBU at GIFT City, and a Representative Office in Abu Dhabi.

Canadian Wood’s Hold Webinar on ‘Architecture with Wood in India’

FII-India, popularly known as Canadian Wood has been actively promoting building with wood in India using wood legally sourced from the sustainably managed forests of B.C., Canada. In case of structural applications of wood it works closely with architects, developers, contractors, and hospitality professionals and extends technical support by suggesting appropriate species and grades most suitable to the type of construction chosen or preferred, i.e. T&G (Tongue & Groove), WFC (Wood Frame Construction), posts-and-beams or even hybrid in tandem with local stone/bricks. It also conducts educational seminars and training workshops that help create awareness about its wood species, specific applications, and appropriate methods of use.

As a part of this continued effort during the COVID19 period, Canadian Wood introduced webinars on topics of interest to the wood working industry at large. Its third webinar titled ‘Architecture with wood in India’ conducted on July 24, 2020, was a part of the continuing series and a first-of-its-kind virtual panel discussion, presented by Indo-Canadian Business Chamber (ICBC) and sponsored by Artius Interior Products Pvt. Ltd.

The webinar began with a warm welcome by Ms. Nadira Hamid, CEO, ICBC and opening remarks by Hon. Andrew Smith, Minister (Commercial), High Commission of Canada. This was followed by an introduction of the event curator & moderator Prof. Gurdev Singh by Mr. Pranesh Chhibber, Country Director, FII India. Prof. Gurdev Singh is an industry icon and the Ex-Dean of the School of Environmental Design and Architecture, Navrachana University. With over 40 years of invaluable experience in the field of architecture and several awards at national and international levels to his credit, his portfolio includes Teaching, Design (Architecture, Interior and Urban), Project Management and Construction Coordination, Quality Control and Site Management, as well as experience on projects as an Owner/Builder.

As the webinar progressed exciting sections began to slowly unfold itself in the form of extensive, informative presentations by eminent Indian architects namely Ar. N Mahesh from Iyer & Mahesh, Ar. Gurpreet Singh from Aakar Design Consultants and Ar. Kamal Malik from Malik Architecture. Each glorified through their unique pieces of work the various features, strengths, and possibilities in the world of architecture with wood.

Ar. N Mahesh is known for his decades of experience in reviving traditional timber architecture in India using ‘Green’ reforested timber. He presented beautiful pieces of work that drew inspiration from heritage architecture in Kerala and merged it with the technological prowess of changing times. His presentation showcased rich examples of wooden buildings and captivating visuals of projects spanning across premium hotels and resorts like the Ananta spa & resort - Rajasthan, the Lalit resort & spa, Bekal – Kerala and the Zuri Kumarakom resort & spa - Kerala to name a few. Besides these, he also showcased an eye-catching structure, his prized possession called the ‘Bell Museum’ located in Trivandrum. The building’s interiors featured successful use of Canadian manufactured Tongue and Groove panelling made with western hemlock, one of the five Canadian wood species available across India.

This was followed with a presentation by Ar. Gurpreet Singh who unveiled some truly exemplary work. His projects included well-recognized and awarded ventures like the Royal Academy of Bhutan and large scale in-making projects like the Dining hall for the World School of Environment in Coorg. He also showcased Aakar Villa; a luxury private villa displayed at 1970 sq. ft. in Himachal Pradesh. The villa exhibited how Canadian Wood specie Douglas-fir was optimally used to build posts-and-beams, multiple doors and windows that created a beautiful open space in oneness with nature.

The final presentation was made by Ar. Kamal Malik. His slides were iconic in their representation of his love for nature and the inspiration drawn from it. He defined architecture as a synthesis of ‘Ecology’ and ‘Spirit’. ‘Ecology’ implying a seamless, cohesive, and integrated approach to design and ‘Spirit’ implying balance, understanding and tranquility. His pieces of work included a luxury resort in Morgiri in Lonavala and in Alibaug where he elaborated upon how nature united with the applied contemporary architectural elements.

The three presentations were followed by a very engaging panel discussion, innovatively curated by Prof. Gurdev Singh. The event finally concluded with an insightful Q&A session of the panelists with the well-informed audience. The queries raised by the enthusiastic audience to the panelists clearly indicated the rising positive sentiment and trend towards use of wood in structural applications – we see an emerging trend of country homes, farm houses and resorts especially in hills and coastal areas being designed with wood (from sustainably managed forests) as the most ecofriendly building material.

Commenting on the response to the webinar, Mr. Pranesh Chhibber, Country Director, FII India said, “Canadian Wood is delighted to have the three stalwarts of architecture together as panelists on this platform along with Prof. Gurdev as the curator and moderator. It has been an enriching experience for us to listen and see them share their experience and expertise with the audience on the topic of “Architecture with Wood in India”.

It has been highly satisfying, encouraging and inspiring for us have had such an illustrious team of panelists on the Canadian Wood webinar – Ion behalf of Canadian Wood, thank Architects Mahesh, Gurpreet and Kamal from the bottom of my heart to having spared time for not just today but for having put in many hours preparing their presentations with their respective teams in their offices. Needless to mention that we are also thankful to Prof. Gurdev for being a great sport and taking on the mantle of being the curator and moderator for this webinar.

I must acknowledge the support and encouragement from Hon. Andrew Smith – Minister (Commercial), High Commission of Canada in India and thank him for taking time out for the webinar to further strengthen Indo-Canadian business ties. Needless to mention that without the support and collaboration of ICBC this webinar would not have been possible – so thank you Nadira for being such a sport. I also thank Ms. Bhawna Sharma – Director of Artius Interior products, Gurgaon for sponsoring the webinar and sharing with the audience the great work that Artius is doing with the Canadian Wood species.

Last but not the least, this webinar would not have been a success without the registration and participation of such an enlightened audience. There is a lot for us to take from this webinar and be encouraged to keep such conversations alive on the Canadian Wood forum. I assure our stakeholders that we intend continuing to organize more such sessions with eminent personalities connected with wood from India and abroad.

About FII India

FII is a crown agency of the government of British Columbia (B.C.), the western most province of Canada. Its mandate is to promote wood products from B.C. Canada in the offshore markets and to position it as a global supplier of quality, environmentally responsible wood products from sustainably managed forests by creating awareness and spreading education through information on the wide variety of timber products available from B.C. Canada and the technical support. Its brand/logo Canadian Wood was established in 2013 to reach out to and facilitate the understanding of its activities to its target audience.

Office Leasing in Bengaluru Drops by 42% YoY; New Supply Declines by 48% YoY in H1 2020: Knight Frank India

Highlights

* Rent growth tapers to single digit, weighted average rents see 6% YoY growth in H1 2020

* Worst half-year in this decade, home sales in Bengaluru decline by 57% YoY in H1 2020; launches fall 48%: Knight Frank India

* Price environment weakens, home prices in Bengaluru see marginal 3.3% YoY increase to Rs 4,980 per sqft

Knight Frank India today launched the 13th edition of its flagship half-yearly report - India Real Estate: H1 2020 - which presents a comprehensive analysis of the office and residential market performance across eight major cities for the January-June 2020 (H1 2020) period. The report showed that the office transactions in Bengaluru saw a 42% YoY decline to 0.44 mnsq m (4.8 mnsq ft) in in H1 2020. The new office supply in the city also saw a decline of 48% YoY to 0.37 mnsq m (4.0 mnsq ft) due to the adverse impact of COVID-19. The city has experienced a tapered rent growth with H1 2020 recording 6% YoY growth in weighted average rent.

In Bengalururesidential market, which had prominence in the country’s residential landscape, the home sales have witnessed a decline of 57% YoY to 12,177 units in H1 2020. Whereas, the home launches in Bengaluru saw a 48% YoY decline to 10,806 units. With a weaker pricing environment in the wake of pandemic and consequent disturbance on home buyer sentiments, the city recorded a  marginal 3.3% Y-o-Y increase in weighted average price.

OFFICE MARKET HIGHLIGHTS OF BENGALURU

* Bengaluru has been at the pinnacle of office demand in the country for each year during last decade. The city’s office market has grown each successive year since 2013 and with 1.42 mnsq m (15.3 mnsq ft) the city recorded its highest ever tally of office transactions, cited as an achievement milestone for any market in the country.

* Covid-19 induced tumultuous business environment has seen an influence on the transaction volumes in the market. Bengaluru saw office transactions decline by 42% YoY in H1 2020 to 0.44 mnsq m (4.8 mnsq ft),  The average deal size was reported at 5,130 sq m (55,214 sq ft), with number of deals at 86 in the analysis period of H1 2020.

* In terms of sector-wise share of transactions, IT/ITeSwas on top of the table with 30%, followed by Co-working (23%), Manufacturing (19%), BFSI (13%). A combination of other services industries contributed 14% to the overall share. Manufacturing and BFSI significantly improved their space take up. Information Technology sector, the most prominent occupier group of Bengaluru, has reduced its space take-up by 64% YoY in H1 2020.

* The vacancy level in Bengaluru office market has jumped to6.5% in H1 2020 from a much comfortable 4.1% level in H1 2019.

* Rent growth has been strong in Bengaluru for the last 5 years and the similar trend was observed in the beginning of 2020, until March 2020. Since April, rents have stagnated with occupiers also seen reaching out to landlords for partial rent or maintenance cost waiver for the lockdown period. In this background, H1 2020 recorded a rental growth of 6% YoY. Bengaluru’s PBD East market saw the highest rental growth of 9% YoY in 12- moth change, followed by SBD (8%) and ORR (6%).

Shantanu Mazumder, Senior Branch Director, Bangalore, Knight Frank India said, “Bengaluru office market was on a very strong footing with a robust momentum in demand, supply and rent until the first quarter of 2020. However, as businesses faced disruptions in the wake of the pandemic in second quarter of 2020, Bengaluru office market also felt the pain. Information Technology sector, the most prominent occupier group of the city, saw demand decline by 64% YoY in first half this year. Ongoing deals faced delays and new office enquiries were put on temporary hold. While we do recognise the potential of Bengaluru office market, recovery will depend on the trajectory of the pandemic itself.”

RESIDENTIAL MARKET HIGHLIGHTS OF BENGALURU

* Bengaluru residential market recorded a home sales decline of 57% YoY in H1 2020.While all micro-markets were adversely affected, notable decline was seen in North and West where sales declined by an even greater magnitude of 70% YoY and 66% YoY, respectively.

* The affordable housing segment, classified as house value up to INR 5 million, witnessed its share further shrink to 32% in H1 2020 compared to 38% in H1 2019.

The state government reduced the stamp duty rates from 5% to 2% for houses costing up to INR 2 million and from 5% to 3% for houses costing between INR 2.1 – 3.5 million. This was limited to first time registration of new apartment valued up to INR 3.5 million. 81% of sales in H1 2020 occurred in the segment of INR 2.5 - 10 million with 51% in INR 5 - 10 million segment. In this situation, we believe a broadersegment for stamp duty reduction would have helped the sector.

* In terms of launches, H1 2020 saw 48% YoY decline compared to 20,894 units in H1 2019. While all micro-markets witnessed a sharp fall in launches, West and North were the most hit markets with a decline of 78% and 69% respectively.

* In H1 2020, the pricing environment was strong until February 2020. However, prices have stagnated since the COVID-19 struck in March 2020. Overall, the city saw prices higher by 3.3% YoYin H1 2020. Whitefield and Hennur recorded a 5% price increase for 12-month period, till June 2020.  

* With restrained launches compared to housing sales over the past year, unsold inventory level has come down by 10% to 77,043 units in H1 2020.

Shantanu Mazumder, Senior Branch Director, Bangalore, Knight Frank India said,“Despite being affected during H1 2020, Bengaluruemerged as one of the quickermarkets to come out of the state-imposed lockdown to contain the spread of coronavirus. During this period, although at a much lower level compared to pre-lockdown, May and June 2020 saw the resumption of project sites and customer visits. With pandemic induced market disruptions, the pricing environment has become weak now. However, instead of a headline price reduction, customers are being offered a variety of indirect price benefit schemes. Price protection and free cancellation schemes are also offered to assuage homebuyer concerns on job security and pay cut.

While the inherent strength of Bengaluru housing market is intact, COVID-19 induced threat to lives and livelihoods and recurrence of lockdown will have an overbearing impact on market and going forward, the intensity of pandemic will define the recovery trajectory.”

Is Google on a hiring spree in India?

Google has big plans for India in next three to five years. It plans to hire more people from India for its brand advertising business and considers India as an impactful market.

"Our focus in India is growth. India is going to be one of the 10 most impactful markets for Google in three to five years. There will be minimal impact on India in terms of job cuts announced globally," said Google India MD Shailesh Rao.

Google currently has four offices in India, located in Bangalore, Gurgaon, Hyderabad and Mumbai. After U.S., Google has the highest headcount in India. Even after having such a strong presence at the moment, India does not drive global revenue, Rao added.