Bengaluru-based startup eliminated the phrase non-public from its title, altering its authorized title to “Tablespace Applied sciences Restricted”, as per its MCA filings
Desk House additionally authorized the appointments of three new impartial administrators – KCC & Associates accomplice Nilesh S Vikamsey, ex-NASSCOM chairman Ganesh Natarajan and ex-JLL CEO Asia Pacific Anthony Couse – on its board
The startup was initially reported to be taking a look at submitting its IPO papers by April 2025 for an providing that may worth it at $2.5 Bn
Amid the IPO increase within the nation’s rising coworking house, Hillhouse-backed Desk House
has begun preparations for its public itemizing plans. The Bengaluru-based startup eliminated the phrase non-public from its title in July, altering its authorized title to “Tablespace Applied sciences Restricted”, as per its MCA filings.
Apart from, the startup additionally authorized the appointments of three new impartial administrators – KCC & Associates accomplice Nilesh S Vikamsey, ex-NASSCOM chairman Ganesh Natarajan and ex-JLL CEO Asia Pacific Anthony Couse – on its board.
The conversion of a non-public entity to a public entity is a requisite course of for firms aspiring to listing on the bourses. Whereas the title change is a compulsory authorized step, the appointment of impartial administrators is an important transfer to boost company governance forward of public itemizing.
Desk House declined to touch upon Inc42’s queries on its IPO plans.
Notably, Desk House’s plans to go public had been first reported in 2024, when a number of information reviews mentioned it was trying to file IPO papers by April 2025 for an providing that may worth the startup at $2.5 Bn. In keeping with a report by TechCrunch, Desk House had employed Axis Capital as a bookrunner for its IPO.
Sadly, the startup’s founder Amit Banerji handed away in January 2025, probably resulting in delays within the preliminary plans. Later within the month, the startup appointed cofounders Karan Chopra and Kunal Mehra as its co-CEOs. Moreover, Chopra has been serving as its chairman and Mehra because the president since then.
Within the run as much as the IPO, Mehra was reported to be trying to enhance his stake within the startup. As per a report by Bloomberg in June, the co-CEO raised about INR 200 Cr from non-public credit score funds to finance the acquisition of extra shares.
The coworking startup issued 32.5 Lakh CCPS-C shares at INR 1 apiece to its Mehra and its Singapore-based holding firm AGS TS II Holdings in July, as per its MCA filings.
It’s pertinent to say that Desk House earlier raised cumulative fairness of INR 700 Cr from AGS TS II Holdings Pte Ltd in FY23 and FY24, as per a report by ICRA.
The co-CEO’s bid to extend his stake within the startup is in step with the broader pattern within the ecosystem. Lenskart CEO Peyush Bansal, Amagi cofounders Baskar Subramanian, Srividhya Srinivasan, and Srinivasan KA, amongst others, purchased shares value crores from the corporate’s shareholders forward of submitting their respective DRHPs with SEBI.
Based in 2017, Desk House affords enterprise managed workspace to firms throughout seven cities in India, specifically Bengaluru, Mumbai, Gurugram, Noida, amongst others. Presently, it affords providers to over 315 purchasers, together with EY Dell, Fujitsu, AMD, GKN Aerospace, Shell, JCI and Analog Gadgets, amongst others.
It operates within the nation’s coworking house market, which is estimated to clock a CAGR of seven% to achieve a measurement of just about $3 Bn by 2030 from $2 Bn in 2025.
Whereas three new-age tech coworking house suppliers are at the moment listed on the exchanges – Awfis, Smartworks and IndiQube, this quantity is predicted to rise additional within the coming months as WeWork India and DevX have already filed their IPO papers with SEBI.
Whereas Awfis was the lone worthwhile listed entity among the many listed coworking firms in FY25, Desk House was worthwhile in FY24.
The startup’s internet revenue declined 75% to INR 11 Cr in the course of the 12 months from INR 45 Cr in FY23. Working income surged 37% to INR 898 Cr in FY24 from INR 658 Cr within the earlier fiscal 12 months.
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