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ABL Workspaces raises Rs 15 cr in Series A funding round

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  • ABL Workspaces raises Rs 15 cr in Series A funding round
    29 Nov. 2021
    ABL Workspaces
    06:40 AM
Welcome to ABL Workspaces raises Rs 15 cr in Series A funding round

New Delhi: ABL Workspaces, an operator of coworking spaces, has raised Rs 15 crore from Canada-based Ethik Inc. as part of its Series A funding round.

The capital will be used by the company to expand its seating capacity and centres in the Delhi-National Capital Region. It also intends to develop the team and its technology.

Founded in December 2017, ABL Workspaces has nine centres in Delhi NCR — catering to several leading brands, including Ariston Thermo (Racold), Kotak Mahindra Bank, Netambit, Clovia and Simba beer. It aims to expand its seating capacity to 15,000 by 2023 from 2,470 at present."I believe the funding will help us to transform the perspective — the way occupiers look at office space in the future,” ABL’s cofounder and CEO Akshita Gupta said. “We look forward to expanding our seating capacities to accommodate more businesses. The fresh capital will enable us to strengthen our team and technology more efficiently.”



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Akshita Gupta, CEO, ABL Workspace, “The coworking segment has grown exponentially over the years and has had a major impact on the performance and utilisation of commercial real estate. I feel now is the time when we should keep into consideration this very aspect and ensure progressive policy reforms to boost the market’s growth. I would want to put forth a humble request to the Finance Ministry to recognizing the coworking space under schemes such as REIT, provide tax benefits and consider reducing the TDS deduction rates to upscale the segment. It would be great if govt can consider bringing coworking spaces into the 2% TDS bracket from the present 10% slab. This will not only boost the market’s growth but will further allow the coworking spaces seamlessly manage the cash flows since it is a service-based segment. I strongly feel that these reforms if introduced will play a major role in driving the growth of the real estate sector in the times to come. Talking from start-ups POV, it is usually entrepreneurs from the early and mid-start-ups that prefer coworking spaces. However, costings like registration charges and stamp duty at registrar offices are borne by the coworking offices and if government can reduce these charges, then it would directly benefit the end-users as they will have to spend less for the services. I am also of the view that if the requisite financial assistance can be provided to the start-ups, then it will indirectly help in driving the growth of the coworking spaces as well.”