Co-working startup GoHive has raised Rs 2.5 crore (about $359,175 at current exchange rates) in a pre-Series A funding round.
However, the Delhi-based startup did not disclose the identity of the investors, the company said in a statement on Friday.
The startup said in a statement it will use the funds to double the number of seats at its centres to 5,000 within a year in the National Capital Region, Bengaluru and Mumbai
GoHive, which is operated by Instaone Infotech Pvt. Ltd, currently operates seven centres in the Delhi-NCR region.
Company founder and chief executive officer Mishu Ahluwalia said the investment was proof of confidence in its business strategy. The startup was aiming to make spaces more suitable for different business needs.
Deals in the co-working segment
Co-working as a segment has taken off in recent years, with startups and established firms seeking to differentiate themselves by providing access to features which are economically flexible, and are not found in traditional working spaces.
Last month, the SoftBank-backed OYO Hotels & Homes acquired co-working space provider Innov8 to expand in the fast-growing segment. The move is part of the hospitality unicorn strategy of entering new areas to diversify its operations.
Similarly, in October last year, the Delhi-based office-sharing firm One Co.Work bought the Mumbai-headquartered IShareSpace for about Rs 3.5 crore ($475,000).