My8chq

Utkar Shkawatra, an IIT Delhi graduate, founded My8chq in 2016 with a mission to solve a problem he saw emerging: the rise of hybrid work. As more companies and employees adopted flexible work arrangements, workers needed convenient access to professional workspaces near their homes. My8chq positioned itself as a marketplace connecting this demand with supply—co-working spaces, WeWork locations, and even restaurants converted into workspace during downtime.

The classic marketplace chicken-and-egg problem was real. Instead of chasing big brands first, Utkar started with supply he could actually get. "We first started with the supply," he explained. His initial partners weren't WeWork—they were small standalone operators like Walk (a Delhi co-working operator) and Zootish, a restaurant completely shut during COVID that he converted into a co-working space. "Starting with some of the restaurants, which were completely shut during the time and converting them to co-working was actually the easiest to begin with. And we had like about 10, 15 of those." Over time, as bookings increased, bigger brands like WeWork came on board.

The marketplace grew steadily for several years, but then COVID-19 hit hard. "We went to zero," Utkar recalled, describing the three waves of the pandemic that devastated the business. Rather than give up, he pivoted strategically. Recognizing that selling to corporate HR teams required different credibility and relationships, Utkar merged with Anarok, a major Indian real estate company, in 2023. "We realized for us to crack corporates, we want someone to help us open new doors," he said. "They have stronger relations with companies. Having such a partner has actually worked well for us. They've opened a lot more corporate doors, which has helped us grow faster."

Post-merger, growth accelerated dramatically. The company went from 10k MRR to 30k MRR in just one year. In June 2023 alone, My8chq processed 25,000 total bookings—20,000 at a daily rate and 5,000 at longer durations (weekly, monthly, or annual). With 1,000 active companies using the platform and a 25-30% take rate on bookings, the unit economics worked: average booking was $5 per day, roughly translating to $100k in GMV per month with $20-30k in revenue. Supply grew to 2,000 unique location providers, mostly concentrated in Delhi, Bangalore, and Mumbai—India's three largest business hubs.

By mid-2023, My8chq was a 70-person team operating a thriving marketplace in India's hybrid work ecosystem. The merger with Anarok proved instrumental in unlocking corporate adoption, the highest-value customer segment. Utkar remained committed to the long-term vision rather than jumping to the next startup idea. "I've not seen the end of this," he said. "I think this just... I want to reach the end where this becomes a big, big business."