From Spices to Spaces: How Ashish Agarwal Built Enzyme Office Spaces into a Coworking Powerhouse

Ashish Agarwal never planned on becoming a pioneer in Indias coworking space industry What began as a move to expand his familyrsquos spice trade into South India unexpectedly led to the creation of Enzyme Office Spacesa fastgrowing peoplefirst coworking solutions provider that now manages over 155 million sq ft across 32 centres In this candid conversation Ashish Agarwal Founder and CEO Enzyme Office Spacestakes us through his journey the accidental beginnings scaling challenges future ambitions and the importance of trust and service in an evolving industry1 From your beginnings in the spice trade to now leading one of Indiarsquos fastestgrowing flexible office space providers what inspired your shift into real estate and coworkingHonestly it was accidental I came to Bangalore in 2014 to expand our familyrsquos spice business as South India is a major hub for products like cardamom chilli nutmeg etc We took a 21seater office for our operations expecting to use just 4ndash5 seats and lease the rest To our surprise we subleased all the seats almost instantly Thatrsquos how Enzyme Office Spaces was bornThe 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 anotherand thatrsquos 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 earlystage startups We stepped in to bridge that gapwith clean functional wellventilated offices and endtoend admin supportall at budgetfriendly pricesBack then coworking wasnrsquot as mainstream as it is today There were just a few players mostly focusing on wellfunded 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 business2 What were some of the early challenges you faced while building Enzyme Office Spaces and how did those shape your approach to scaling the companyThe biggest challenge was capital expenditure This business is capexheavyyou need to invest in interiors and fitouts before you can even start leasing We started small converting parts of villas and compact properties into shared workspaces That kept our initial investments lowAs we built cash flow and credibility we took on larger properties Even now while wersquove grown we are prudent with our expansion Unlike some who go for 4ndash5 lakh sq ft at once we scale gradually typically managing up to 1 lakh sq ft per project Itrsquos a sustainable model that has worked well for us3 Enzyme Office Spaces currently operates 32 centres with over 155 million sq ft under management What does the future roadmap look like in terms of expansion and entry into new marketsWersquore actively looking at Pune and expanding further in Hyderabad this year We already have a small centre in Hyderabad but wersquore working on opening a much larger one Pune is another focus market and Irsquove already made site visits thereCurrently 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 year4 Are you planning to tap into Tier 2 cities where startup ecosystems are also booming or will your focus remain on metrobased growth for nowI agree that Tier 2 cities are booming But coworking is a business with three key costsasset 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 fitouts without assured occupancy can be riskyThatrsquos 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 2ndash3 years we definitely see ourselves exploring Tier 2 cities like Indore and Ahmedabad once the ecosystem matures further5 The coworking industry in India is rapidly evolvinghow do you see the demand for managed and flexible office spaces changing post2025 especially from midsized and digitalfirst companiesThe industry is getting more mature every day Just 5ndash6 years ago coworking was not a wellunderstood concept Today itrsquos a preferred choice even for large enterprises The fact that coworking companies are now preparing for IPOs is helping build credibility for the entire sectorThis 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 reducingBig companies like Myntra Flipkart and Google which used to take entire buildings on lease are now open to managed office spaces Theyrsquore comfortable with coworking And that shift is significant It means the industry is no longer just for freelancers or startupsits now relevant for all company sizes The more servicedriven and responsive we are the more trust we gain6 About the Vyapar deal90000 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 spacearound 8000 sq ft with 140 seats We provided that and they were happy with our serviceAs 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 90000 sq ft with Enzyme Office SpacesWhat 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 2ndash3 days this gives us a huge advantage 9937 of our support tickets are closed within the same day Thatrsquos the kind of responsiveness businesses value and itrsquos helped us earn repeat clients and strong referrals7 With only 30000 sq ft remaining at the new centre what does this strong response indicate about Enzymersquos positioning in the enterprisegrade office space marketIt reflects the trust and confidence that clients have in us Wersquore already in talks with 2ndash3 prospective clients for the remaining 30000 sq ft and wersquore optimistic that it will be leased by the end of this month or early next monthOne 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 wordofmouth 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 spaceAshish Agarwalrsquos journey from spices to flexible coworking spaces is a masterclass in spotting gaps staying grounded and building with intent Enzyme Office Spacesrsquos growth story is a testament to how real valuetimely service budgetconscious quality and deep client relationshipscan 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 workforceFor aspiring entrepreneurs Ashish Agarwal offers this piece of advice ldquoDonrsquot 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 linenot just the top linerdquo

From Spices to Spaces: How Ashish Agarwal Built Enzyme Office Spaces into a Coworking Powerhouse

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From Spices to Spaces: How Ashish Agarwal Built Enzyme Office Spaces into a Coworking Powerhouse

Other Articles

Mid-Day Fast