Ashish Agarwal
Ashish Agarwal never planned on becoming a pioneer in India's coworking space industry. What began as a move to expand his family's spice trade into South India unexpectedly led to the creation of Enzyme Office Spaces-a fast-growing, people-first coworking solutions provider that now manages over 1.55 million sq. ft. across 32 centres. In this candid conversation, Ashish Agarwal, Founder and CEO, Enzyme Office Spaces, takes us through his journey, the accidental beginnings, scaling challenges, future ambitions, and the importance of trust and service in an evolving industry.
1. From your beginnings in the spice trade to now leading one of India's fastest-growing flexible office space providers, what inspired your shift into real estate and coworking?
Honestly, it was accidental. I came to Bangalore in 2014 to expand our family's spice business, as South India is a major hub for products like cardamom, chilli, nutmeg, etc. We took a 21-seater office for our operations, expecting to use just 4-5 seats and lease the rest. To our surprise, we subleased all the seats almost instantly. That's how Enzyme Office Spaces was born.
The landlord, who had been unable to lease the space for over a year, was impressed and encouraged me to take this up full time. We leased another property, then another-and that's how the business grew. We noticed a gap in the market: while many players catered to large MNCs, no one was offering quality workspaces to small teams and early-stage startups. We stepped in to bridge that gap-with clean, functional, well-ventilated offices and end-to-end admin support-all at budget-friendly prices.
Back then, coworking wasn't as mainstream as it is today. There were just a few players, mostly focusing on well-funded startups. We saw the opportunity to serve the overlooked segment, and our pitch was simple: let us handle the office hassles, so you can focus on your business.
2. What were some of the early challenges you faced while building Enzyme Office Spaces, and how did those shape your approach to scaling the company?
The biggest challenge was capital expenditure. This business is capex-heavy-you need to invest in interiors and fit-outs before you can even start leasing. We started small, converting parts of villas and compact properties into shared workspaces. That kept our initial investments low.
As we built cash flow and credibility, we took on larger properties. Even now, while we've grown, we are prudent with our expansion. Unlike some who go for 4-5 lakh sq. ft. at once, we scale gradually, typically managing up to 1 lakh sq. ft. per project. It's a sustainable model that has worked well for us.
3. Enzyme Office Spaces currently operates 32 centres with over 1.55 million sq. ft. under management. What does the future roadmap look like in terms of expansion and entry into new markets?
We're actively looking at Pune and expanding further in Hyderabad this year. We already have a small centre in Hyderabad, but we're working on opening a much larger one. Pune is another focus market, and I've already made site visits there.
Currently, Enzyme Office Spaces has a presence in Bangalore, Mumbai, Hyderabad, and Delhi NCR. Pune and Hyderabad are natural extensions of our footprint. We plan to strengthen our presence in these cities in the current financial year.
4. Are you planning to tap into Tier 2 cities where startup ecosystems are also booming, or will your focus remain on metro-based growth for now?
I agree that Tier 2 cities are booming. But coworking is a business with three key costs-asset cost, capex (fitout cost), and opex (operational expenses). Even if asset costs are lower in Tier 2 cities, occupancy is a major challenge. Getting a property at a lower price and spending on fit-outs without assured occupancy can be risky.
That's why, for now, we are focusing on metro cities like Delhi NCR, Bangalore, Pune, Hyderabad, and Mumbai. These markets offer more stability and consistent demand. But in about 2-3 years, we definitely see ourselves exploring Tier 2 cities like Indore and Ahmedabad, once the ecosystem matures further.
5. The coworking industry in India is rapidly evolving-how do you see the demand for managed and flexible office spaces changing post-2025, especially from mid-sized and digital-first companies?
The industry is getting more mature every day. Just 5-6 years ago, coworking was not a well-understood concept. Today, it's a preferred choice, even for large enterprises. The fact that coworking companies are now preparing for IPOs is helping build credibility for the entire sector.
This also helps change the mindset of traditional developers and landlords. Earlier, many were reluctant to lease to coworking operators and preferred direct corporate tenants. But now, as coworking becomes mainstream, that hesitation is reducing.
Big companies like Myntra, Flipkart, and Google, which used to take entire buildings on lease, are now open to managed office spaces. They're comfortable with coworking. And that shift is significant. It means the industry is no longer just for freelancers or startups-it's now relevant for all company sizes. The more service-driven and responsive we are, the more trust we gain.
6. About the Vyapar deal-90,000 sq. ft. leased at your Sarjapura centre is a huge milestone. How did this collaboration come together, and what made Vyapar choose Enzyme Office Spaces ?
Vyapar has been with us since around 2020 or 2021, right in the middle of COVID. At that time, they needed a smaller space-around 8000 sq. ft. with 140 seats. We provided that, and they were happy with our service.
As Vyapar scaled, we remained their preferred workspace partner. They received better offers from other players too, but they stayed with us. That loyalty comes down to service and trust. Today, Vyapar occupies 90,000 sq. ft. with Enzyme Office Spaces.
What really sets us apart is our response time. Our team usually responds to client queries within 24 hours. In a space where competitors can take 2-3 days, this gives us a huge advantage. 99% of our support tickets are closed within the same day. That's the kind of responsiveness businesses value, and it's helped us earn repeat clients and strong referrals.
7. With only 30,000 sq. ft. remaining at the new centre, what does this strong response indicate about Enzyme's positioning in the enterprise-grade office space market?
It reflects the trust and confidence that clients have in us. We're already in talks with 2-3 prospective clients for the remaining 30,000 sq. ft., and we're optimistic that it will be leased by the end of this month or early next month.
One big advantage is our client network. For example, the founder of Vyapar alone has referred us to 6 or 7 other companies. In this business, word-of-mouth and client satisfaction go a long way. The positive reviews, personal referrals, and great service experience help us close deals faster and stand out in a competitive space.
Ashish Agarwal's journey from spices to flexible coworking spaces is a masterclass in spotting gaps, staying grounded, and building with intent. Enzyme Office Spaces's growth story is a testament to how real value-timely service, budget-conscious quality, and deep client relationships-can carve out a niche even in competitive markets. As the coworking industry matures, Enzyme is clearly positioned not just as a provider, but as a trusted partner for the modern workforce.
For aspiring entrepreneurs, Ashish Agarwal offers this piece of advice: "Don't get carried away by the rosy picture of funding and flashy success stories. Start small, stay flexible, and be prepared for the hard work. Focus on the bottom line-not just the top line."