- Passwork assists corporates with ‘Walk to Work’ solutions to design flexible working options
- Provides flexible office solution through a network strength of 90+ operators, 500+ accessible locations, 20,000+ workstations
- Passwork solutions boost employee productivity and reducing rental and administrative costs by 50%
Passwork, a Mumbai-based marketplace for co-working spaces, today announced that it has raised angel funding from Gaurav Gandhi, an avid angel investor with investments ranging across fintech to proptech and digital marketing veteran, Vivek Bhargava. With the outbreak of Covid-19, the ensuing security risks and administrative challenges of a largely remote working office culture have proven to be daunting to employees and organizations alike. Providing a solution to ease this, Passwork is a mobile based real-time marketplace for using coworking spaces and workspaces which allows users to book a place to work from near their homes.
Founded in 2019 by Mohit Malara, a Chartered Accountant with experience in investment banking, venture capital and the NBFC sector, Passwork is the Uber for co-working – offering access to coworking spaces at different locations in multiple cities for a day, a week or a month on the go, with added perks such as unlimited uninterrupted WIFI, unlimited coffee and snacks, concierge service, access to conference and meeting rooms on hourly basis across the 2000+ locations on the platform.
Commenting on the investment, Mohit Malara, CEO & Founder at Passwork said, “We are thrilled to have Vivek and Gaurav onboard Passwork. Today, we are present across 500+ accessible locations and 20,000+ workstations and with this influx of capital, we plan to foray into newer markets and expand the demand network into other countries. The Government norms around occupancy for private offices are not expected to become lenient until March 2021. However, industries such as Banking, Financial Services, Insurance and many more carry huge data security risks which cannot be secured by employees at their homes. With many coworking spaces facing poor occupancy, we leverage our network of coworking brands to deploy a fully functional office for clusters formed based on analysis of corporate’s employee demographics. We provide COVID-safe and security enabled spaces near homes, thereby providing the same atmosphere, amenities and cyber security that an entity would have given at its own facility. We believe this is the future of work.”
In light of recent Government regulations, employees’ conveniences and safety, several companies are either vacating or asking for rental waivers. Meanwhile, employees have been grappling with the twin struggles of lower productivity due to electricity cuts, poor WIFI, and cramped houses on the one hand, and on the other, the equally detrimental issue of worker burnout, leading to long-term health and career regression. Aiming to fill this gap, Passwork provides an end to end solution which caters to the needs of both employers as well as its employees – such as space, mobility, safety and network security.
Through its ‘Walk to Work’ platform, Passwork has initiated a B2B network for offering customized flexible workspace solution and remote workforce management tools to corporates. With the introduction of ‘Walk to Work’, employees will be able to work in an office-like environment with all the necessary supplies and amenities without needing to go to an actual office – allowing employees to do away with all the inefficiencies they face at home and secure the interests of the organization with respect to productivity, security and safety of the employees while also reducing significant costs due to lack of investment into physical and permanent infrastructure.
Gaurav Gandhi, Lead Investor says, “I believe Passwork’s model will completely disrupt the way occupiers look at office space in the future. The secure environment, flexibility and cost reduction are the 3 area’s which not only help corporate reduce lease, overheads, admin costs but also offer the employee’s and freelancers an option of being in a professional work environment at their convenience. Passwork has put together a futuristic product and solving major problems for all stakeholders.”
“The Passwork investment is extra special to me – in keeping with the remote working spirit, this is the first time I have invested in a company without having ever met the Founder face to face! And that speaks volumes – not only of Mohit, but also the value proposition of Passwork. The current pandemic has accelerated the need for people to walk to work and Passwork has created a platform where every single person will be able to walk to work at least a few times a week. To me, that is a very powerful offering and one that is clearly the need of the hour”, explains Vivek Bhargava, Lead Investor.
Passwork’s remote workforce management software has been specially designed to help corporates efficiently manage their remote workforce by issuing e-passes for employees to come to a particular satellite office, QR code based check-in and check-out to analyze work hours, sharing virtual and physical meeting details on the Passwork app and keeping a tab on meeting hours to avoid work-life imbalance. According to McKinsey, the future of the workplace is increasingly being perceived to be a mixture of flexible leases, flexible space, co-working space and remote work, apart from owned spaces and standard leases. In fact, McKinsey research indicates the percentage of time worked in main and satellite will decline while flex office space and work from home will increase.