Cricketer Yuvraj Singh-backed co-working space provider Creator’s Gurukul has raised a fresh round from existing as well as new investors. This is the third round of investment for the Delhi-based startup who did not disclose the financial details of any deals.
Importantly, the news of undisclosed amount of funding in the Gurugram-based comes at a time when Softbank-backed global workplace behemoth WeWork had recently made a debut in Gurugram (near Bristol Chowk).
Following the investment, the southpaw cricketer also became the brand ambassador of Creator’s Gurukul for the next four years. Notably, most of the celebrity-led funding deals right ranging from Bollywood superstar Amitabh Bachchan (Justdial), Salman Khan (Yatra) to several others didn’t work well.
So far, most of the Yuvraj-funded startups have been failed to make any dent in their respective sectors. On-demand beauty platform Vyomo got sold out in a stress sale while another hyperlocal logistics marketplace Moovo shut down operations in June last year.
Founded by Abhinav Tandon and Mohammed Sirajuddin in April 2017, the co-working space claims to have a first 500 seat facility recently opened in the Millenium city. The company also plans to have a presence in Delhi, Hyderabad, Bengaluru, and Goa, according to its website.
Creator’s Gurukul competes with the likes of 91Springboard, Awfis, Innov8, BHIVE and a few others in the co-working space. Unlike other technology driven businesses, shared-working spaces are heavy asset model and require significant investments.
With the entry of WeWork and the strong presence of 91Springboard, Awfis, Innov8, BHIVE and Investopad, the scope for any new ones without super deep pocket seem a herculean task.
Of late, co-working space in India has been over-crowded with several players competing for common market share. In July, last year, Global co-working space giant WeWork had entered the Indian market with the launch of “WeWork Galaxy”, a 2200 members co-working space, in Bengaluru.
The Indian arm (WeWork India) of the New York-headquartered startup had recently raised $15.6 million from its joint venture partner realty firm Embassy Group.