Today, a business depend on people and their knowledge to operate. An office is just a space to exchange knowledge and is one of the biggest expense that organisations have to deal with these days. As the startup culture in India is gaining limelight, more and more companies have started to come up. Most of the startups in India are bootstrapped, so owning an office might not be a very sound idea. To solve the problem of office spaces, SeatingHub came into existence.
Founded in December 2015 by Vineet Goyal and Amit Kumar, this platform bridges the gap between office space providers and seekers. The platform helps startups that cannot afford to invest in office spaces, moreover people who have extra office space can also list their space for rent. The space can be rented and posted on a weekly, monthly and yearly basis for free. Also, these spaces include basic amenities like wifi, water, air conditioning, kitchen, parking space etc.
Vineet has over 14 years of experience in digital advertising and has worked with organisations like Rediff, IndiaToday and bestylish.com. Also, Amit has over 12 years of experience in Java development, UI and product development, and has worked with HCL, NIIT and British Airways.
Monetisation & Funding
In a conversation with Vineet, he quoted that, “The website will either go live from today or day after tomorrow as it takes time to implement the payment gateway.” When asked about the monetisation model, Vineet said that they will charge a fee of 10 percent on every successful transaction that takes place through the website.
The company is currently being bootstrapped, when asked about the same, Vineet stated that “We are not in talk with investors, first our motive is to gain sufficient traction and then get in talks with people about the same.” He also added that they are still figuring out how much to raise, though Vineet quoted an amount that he requires for marketing purpose, Rs 40-50 lakh.
The app development is underway and when asked about the same Vineet said that first they want to generate more listings and then work on the mobile version of it. Currently, the website has just three listings, two based in Ghaziabad and one in Kurukshetra, as it has just been launched. The founders are in talks with concerned people to put on more listings soon.
Market & Competitors
According to ikeva report, the space occupied by offices in 2013 was 27 million sq ft, it increased by two million in 2014 and is expected to increase at an alarming rate. As the companies increase, so will the demand of offices.
There are no established online aggregators in the sector who provide these services that seating hub provides. Though there are a lot of websites like 91springboard, investopad, innov8 etc that provide co-working spaces but none of them aggregate selling and renting both. The field will see more players emerging up or current real estate portals will introduce similar services, in the coming days.
People today are becoming more space efficient, there is a paradigm shift towards working more in lesser office space. The rents will probably go up almost in all micro markets, also the government of India is coming up with major policies like Real Estate Regulation bill, Land Bill etc that will not only favour the market but also act as a catalyst in the real estate sector.