Q.1) What was the idea behind FlexiSpaces business model?
It started after realizing that there are listing portals but no convenience of booking through them, a customer has to work a lot in finding professional spaces... the pain feels like the customer is making the arrangement for a wedding.
The pain of finding an adequate space to conduct off-site meetings and events. There is a huge demand for co-working spaces and limited supply. Even though there are many enterprises and independent co-working spaces, it is difficult for the user to identify the best place for them in the desired location. This inspired us to develop a technically advanced platform where one can seamlessly select and book preferred spaces in just a few clicks, through the app or website. Gradually, the venture started to fulfill the need for classrooms, and today FlexiSpaces offers eight different categories of shared / co-working spaces to its customers.
FlexiSpaces is one of India's leading marketplaces for shared spaces. The tech-savvy platform is available on the website, and the Android mobile app offers immediate and the most convenient space booking experience to the customers without needing a call, follow-up, availability check and nothing else.
·To begin with, the co-working segment is still on the helm of developing as an organized sector. Initially, there was no direct online system to book office spaces, anywhere, anytime. The users could get free meeting hours per month as per the packages, but there was no clear picture of how it could be utilised as it was done manually.
There was not much of the awareness about the shared office spaces, especially if there is a space available close by or in the preferred location. Also, there is a lack of information, size, offerings, services that meet consumer’s desire, which leaves people imprecise of the booking space. Additionally, the user had to travel a long distance to get a space where 4-5 people can meet for 2-3 hours without having proper knowledge of the facilities.
At FlexiSpaces, we are trying to resolve all these problems of discoverability of available spaces, right information and hassle-free bookings, so users can make informed decisions.
Q2.) What are the changes in policies and strategies, the company has initiated to successfully run this model?
Co-working is an emerging market in India; every user is not well informed or aware of such flexible options, available easily. The market is evolving steadily but yet going through the initial stages of growth and maturity here. The list of challenges is not miniscule when it comes to a new business model. The venture tries to recognise and overcome every problem which occurs in terms of sustaining and growing the business.
Primarily, the challenges are in finding the right property. Instead of deeming it a challenge, I believe it is the right time for all players in our segment to invest in property. This will not only stabilize the real-estate market, but also help in asset development, ultimately reducing the operational costs.
Q3.) How are you planning to expand in the future?
As shared spaces, marketing is growing rapidly; we believe that we will be able to serve in more number of cities in the near future. The company is planning to add 5 more cities by the end of this year. Moreover, we are launching an iOS booking platform by next year
Q4.) What is the company's success story in this domain?
FlexiSpaces is known for quality, responsibility and customer have several milestones in the journey. In 12 months we reached from 0 to 2000+ customers, 30% growth in monthly booking, 600+ spaces including 91springboard, Awfis, Cowrks, Instaoffice etc.
Additionally, we are growing with the growth of the co-working spaces that we partnered with. We provide them with adequate information, familiarize them with the demands in the market and provide them with our technology that positions them online and makes them available to a larger consumer base. This helps them in adding more occupancy and increasing their profitability. This factor benefits the entire ecosystem.
5) What are the insights that you have about the market and how did you stand out among your competitors?
There are nearly 50,000+ small and big meeting rooms across the country but 70% of the time they remain vacant because space managers doesn't have a platform where they can list them and get bookings. The numbers are growing rapidly year on year.
Instant bookings, quality of the service & quick response is what our customers like the most. Competition will come and go but FlexiSpaces will remain the customer first company.
