Description
MuCuteOffice is one of the portfolio company of Lead Angels and is raising a small round led by existing investors.
The company is raising a total round of INR 30 Lacs @ Pre money valuation of INR 6 crores
The company is raising a total round of INR 30 Lacs @ Pre money valuation of INR 6 crores
The minimum commitment is INR 2 Lacs. In case commitments exceed the ask amount, allotment will be proportionate.
Other commitments:
Soft commitments of INR 7 lacs so far.
We will accept commitments from 17th November (today) to 20th November 8 pm (Sunday).
Brief about the company:
Introduction
MyCuteOffice.com (MCO) aggregates ready-to-move-in office spaces at standardized prices. This saves significant cash outflow and also provides assured amenities such as Free Wi-Fi, A/C, with minimum investment. MCO ties up with large commercial Space Providers such as Companies with excess space, Real Estate Investors and Co-Working Spaces to provide such spaces. All transactions are transparently routed through MCO and they pass the payment to the Space Provider after retaining 10% as commission. MCO acts as an escrow for their clients till the documentation is done. MCO also charges a one time documentation fee from the customer in the range of Rs. 2-5k.
Traction
MCO revenue has been growing steadily often at 25% on a month on month basis for the last 6 months with very little marketing spend. However, this growth may taper off in case they do not spend significantly on marketing now. Usage per client has increased from 4 to 6 months due to improvement in the quality of the spaces. Annual Rent Collected by MCO in 2016-17 will touch INR 1 cr. MCO has a significant lead in traffic, number of spaces and conversions over all competitors. MCO is looking at consolidating this lead by entering into exclusive agreements with owners and lowering the costs of key spaces.
Team
The three co-founders, Abhishek (https://in.linkedin.com/in/ab hishek-barari-7a390a11) is the CEO, Rahul (https://in.linkedin.com/in/sh elkerahul, https://github.com/
Fund Raise
MCO has over 1000 listings of shared and co-working offices, and over 7000 registered space users.
MCO has raised an angel round of investment of INR 72 lacs from the Lead Angel Network and has achieved operational Breakeven. MCO is looking to strengthen the lead and grow the business further by building a Space Acquisition and Marketing Team. In addition, Marketing spend needs to be pushed up to ensure growth continues in a competitive environment. In the next 6 months, MCO aim to increase the Monthly Rental Collections and Number of Transactions to 5x the current level To get further control of the spaces, MCO has undertaken a software + bluetooth based ID Card program for use within the co-working spaces which Facebook has agreed to sponsor.
