Property brokerage firm Investors Clinic on Thursday said it has entered into a joint venture with Kocreate to foray into the co-working segment.
The two companies will have a 50:50 partnership in the joint venture firm.
Noida-based Investors Clinic group has also ventured into real estate development business.
"The new company Kocreat has been formed to take the JV ahead. Both the companies are bringing together a capital of Rs 5 crore each for the initial phase," the company said in a statement.
Investors Clinic will bring in the spaces through exclusive tie-ups with builders while Kocreate will manage the co-working centres.
"I have been watching the growth of co-working spaces steadily in the last 3-4 years. We have been trying to expand our business operations and co-working is the next big leap we are taking now," Investors Clinic founder Honeyy Katiyal said.
The JV plans to open 5,000 desks in the national capital region.
Nitin Gupta, co-founder of Kocreate said,"we already have two centres which we are running in Noida, under the brand name Kocreate".
He said the JV firm will open more centres.
Co-working segment has grown rapidly in India in the last few years, but it is facing a huge liquidity challenge because of lockdown to control the COVID-19 pandemic.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)