ABL Workspaces raises angel funding from Great Point Capital

Co-working space provider ABL Workspaces has raised an undisclosed amount of angel funding from Chicago based financial services provider Great Point Capital.

The company will deploy the funds to strengthen its presence in Delhi NCR, a press statement said.

ABL Workspaces was founded by the husband-wife duo of Ankur and Akshita Gupta. 

“The funding will help us in going live with 15 centres by June 2020. We have witnessed immense growth in our business and clientele,” Akshita said.

The company currently runs nine centres in Delhi NCR. It houses startups and enterprises like Bira 91 Beverages, BulBul TV, Etsy, Lodha Group, Livspace, Truly madly, Petrofac and Cynesis.

“We aim to acquire maximum space in Delhi NCR with 15000 seats and 50 centers by the end of FY21,” Akshita added.

Italy-based Ariston Thermo Group and online travel agency Cleartrip have also acquired space in their live centres in Gurgaon, the statement added. 

Read: 2020 likely to see rise in ownership model of co-working spaces, says ANAROCK'S Puri

ABL Workspaces competes with WeWork, Awfis, The Hive, Bombay Connect, Colaba Social, Innov8, Investopad, and 91 Springboard, among others, in this segment.

Founded in 2001, Great Point Capital provides investment management services. 

Read: Outlook 2020: How India's coworking market will evolve this year

Last year in  August, co-working space provider Awfis Space Solutions raised $30 million (Rs 212 crore then) in its Series D round of funding, led by home-grown private equity investor ChrysCapital. Also, in August, Gurugram-based co-working spaces provider GoWork raised $53 million (around Rs. 374.55 crore then) as debt from a private fund managed by the world’s largest asset management company BlackRock and the special situations group of CLSA Capital Partners.