Gurugram-headquartered AltF CoWorking said in a statement on Thursday it had made its first acquisition by buying Daftar India, a Noida-based co-working centre.
The companies did not disclose the value or terms of the deal.
With its acquisition, AltF will add over 14,000 square feet of co-working space in Noida, and more than 250 seats, the statement said.
“The reason for choosing Daftar India for our first acquisition was its prime location in Noida, which houses several growing startups and SMEs looking for affordable solutions. The acquisition will serve as the perfect launch pad for our expansion in Noida and the rest of Delhi-NCR (National Capital Region),” said Sarthak Chhabra, director and co-founder, AltF.
Daftar India was founded by Sahil Gupta in September 2017.
Going ahead, AltF plans to launch more co-working centres within Noida and Gurugram for startups as well as small and medium enterprises (SMEs), the firm said in the statement.
Founded in 2016 by Chhabra and Yogesh Arora, the company offers private office spaces in a co-working environment. The firm uses virtual reality to help clients see the office spaces, ensuring faster on-boarding. The startup claims to be in nine locations in Gurugram and Noida, with inventory of 2,000 seats.
The concept of co-working spaces has been gaining momentum in India.
In June, co-working space startup IndiQube, operated by Innovent Spaces Pvt. Ltd, said it had raised $15 million (close to Rs 100 crore) in a Series A round from WestBridge Capital Partners, a public markets-focused private equity firm.
Early this year, co-working space provider Creator’s Gurukul had raised an undisclosed amount from existing and new investors.
In June 2017, co-working startup Bhive raised $1.2 million in a round led by existing investor Blume Ventures.
Other co-working startups that have attracted investor attention include Delhi-based Awfis, which raised $20 million in a Series B round from Sequoia Capital in April 2017.
In the same month, The Office Pass, a co-working platform launched by Makaan co-founder Aditya Verma, raised seed investment from a group of individual investors.
In February 2017, co-working space provider Innov8 had raised an undisclosed amount in an angel round led by online deal-making platform LetsVenture and Mumbai-based seed investment platform Venture Catalysts.