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Qdesq Receives An Undisclosed Amount From JLL Spark



JLL Spark Invests In Qdesq

Silicon Valley-based JLL Spark invests in Qdesq to help strengthen analytics capabilities and provide better comprehensive solutions

JLL Spark which is the venture capital arm of real estate consulting firm JLL has invested in Qdesq which is one of India’s largest flex-space technology platforms. Qdesq was founded in November 2015 by Paras Arora and Lavesh Bhandari to provide tech-enabled platform and bring a change to the traditional workspaces. 

This investment is JLL Spark’s first India specific investment. The digital platform of Qdesq ensures smooth transactions of flexible workspaces, managed workspaces, virtual offices and individual offices.
The company India’s largest inventory of available flex spaces in near real time and transacts one desk every 20 minutes on behalf of corporates who prefer to stay away from long term leases. 

At present, Qdesq boasts of around 2,200 centres, lists over 50,000 desks in near real time across top 35 Indian cities. The company has successfully emerged as a top distribution channel for co-working operators like WeWork, 91Springboard, AWFIS, Regus, Smartworks, Innov8 and OYO.
Qdesq aims to build analytics capabilities of its technology platform to aid enterprises in their future real estate footprint and allow commercial asset owners to create feasible co-working and flex spaces within commercial complexes. 
Ramesh Nair, CEO and Country Head – India, JLL, said that owing to JLL’s global corporate relationships, the investment in Qdesq will help the real estate consulting firm provide a more comprehensive solution to its clients across the 35 Indian cities where the proptech platform is present. The investment by JLL Spark into Qdesq was advised by NA Shah Associates and Fortitude Law.

A JLL study suggests that the share of co-working office leasing has risen to 15 percent in the first six months i.e. January to June period of 2019 from the 8 percent observed in 2018. The segment has absorbed 10.1 million square feet (msf) of cumulative space since 2017 till the first half of 2019. The average size of transactions in the co-working segment increased from 37,000 square ft in 2017 to 52,000 sq ft in 2018 and further to 97,000 sq ft in the first half of 2019.

Anuj Nangpal, Asia Pacific Lead, JLL Spark, said that as businesses are increasingly looking for flexibility to easily expand or contract their footprint, Qdesq is able to dramatically reduce the lead-time to occupancy for companies with its comprehensive inventory of real time availability of managed spaces.

Paras Arora, Co-founder of Qdesq claimed that the average time it takes to close a fixed time lease today is anywhere between three and six months. In comparison, Qdesq is able to close even large enterprise occupancy requirements within days. The company’s transaction volumes have been growing over 400 percent year-on-year and, with our shared vision with JLL, the opportunity is to scale the platform across Asia.
Qdesq which has recently set its foot in the Philippines will ensure its presence in most of Asia’s gateway cities in the near future. 

Source: Business Standard

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