Built on Service, Not Scale: The Story of Enzyme Office Spaces and Ashish Agarwal's Trust-First Growth Journey

Bangalore: In an industry where many chase valuation over value, I took a different route. Starting from a surplus office space in a family business, he built Enzyme into a 1.55 million sq. ft. flexible workspace provider—not by chasing trends, but by solving real problems for mid-sized enterprises and GCCs testing the Indian market. Today, with 32 centres across India and an IPO target set for 2028, Enzyme's growth story is a masterclass in patience, precision, and putting clients first. 

The Functional vs. Designer Divide

India's flexible workspace market is booming, but not every company needs—or wants—a Pinterest-worthy office. "A lot of companies are focusing on designer workspaces targeting big GCCs with massive manpower requirements," Ashish explains. "But there's a whole segment of GCCs testing the ground in India with 40-50 seats—sometimes less than 100. For them, functionality trumps aesthetics."

These smaller GCCs don't need flashy interiors. What do they need? Comfortable seating, accessible locations, good eateries nearby, and spaces that just work. "In Bangalore, for example, bigger GCCs plan space in Whitefield. But smaller GCCs are still choosing startup hubs like HSR or Koramangala," he says. "The requirement for both functional and designer offices existsequally in the market."

Slow, Sustainable, and Profitable

While competitors chased scale and vanity metrics, Enzyme took the opposite route. "People running toward valuation often overlook the fundamentals," Ashish says. "At Enzyme, we always believed in profits, business sustainability, and offering real value to clients. Making a long-term impact mattered more than providing a super-designer office or winning one-time clients."

That philosophy paid off. "We have almost 10 clients who have grown multiple-fold and still chose Enzyme as their growth partner," he shares. One standout example? Vyapar, which started with an 8,000 sq. ft. space during COVID, recently leased 90,000 sq. ft. at Enzyme's Sarjapuracentre. "They've been with us since 2020 or 2021—right in the middle of the pandemic. They trusted us then, and they continue to trust us now."

The 99% Ticket Resolution Promise

Enzyme is known for something rare in the service industry: a 99% ticket resolution rate within 24 hours. How do they maintain this at scale? "Three things," Ashish says. "First, we have a tech-enabled system where customers can raise and track tickets in real-time. Second, our support team is headed by an ex-Air Force officer—someone who brings discipline and a customer-first mindset. Third, we have a policy: our clients should never hesitate to call me directly."

It's not just lip service. "I share my personal number with clients. If there's an escalation, they can reach me. This keeps the team on track and gives clients a greater level of satisfaction—knowing the management is accessible."

Tier 2 Cities: Reading the Market Right

Enzyme's expansion strategy isn't about being everywhere—it's about being where demand truly exists. "Tier 2 cities are growing, but only when there's government support, a strong ecosystem of offices, and the right local factors," Ashish says. The key metric? Demand-versus-supply ratio.

"Take Noida—there's a lot of supply, but demand isn't matching it. Compare that to Indore, where supply and demand are balanced. That ratio helps us decide which tier 2 city to focus on." Pune and an expanded presence in Hyderabad are on the roadmap for 2025, with careful site selection already underway.

Building Culture Across 32 Centers

Managing service consistency across dozens of locations isn't easy, but Enzyme does it with a top-to-bottom approach. "Everything flows from our HQ," Ashish explains. "We have location-based managers reporting to our operations head, who has weekly calls to ensure clients are happy. But we don't stop there—we also have account managers who separately engage clients to cross-check that the service level is consistent."

This dual-resource system ensures no issue slips through the cracks. "We keep two points of contact—one operational, one relational—so clients always feel supported."

The Managed Office Shift

Large enterprises are increasingly choosing managed offices to avoid capex-heavy setups. "The biggest draw is flexibility," Ashish says. "At lower rentals, they get their own managed office—customised as per their theme, colour palette, and identity. It shouldn't look like a coworking space. It should feel like their own office—just designed and managed by us."

That level of customisation is reshaping client expectations. "Down the line, I believe the level of customisation required will keep increasing, along with the flexibility around deposits and lock-in periods."

The IPO Vision: 2028

Enzyme is gearing up for an IPO, with a clear revenue target and a roadmap built on sustainable fundamentals. "The race to IPO isn't a one-day task," Ashish says. "We're working on multiple fronts: revenue growth, client diversification, geographic expansion, and technology integration."

One major step? Building their own ERP system. "Managing 30-35 centres is one thing. Managing 150 centres will require tech that centralises everything—finance, operations, project management, and client experience. We're investing heavily to ensure we can monitor and serve clients seamlessly, even from a distance."

Fractional Offices: Trend or Trap?

Not every model works at scale. Ashish is candid about fractional office concepts. "It will exist, but it won't last long as a major revenue driver. When you have a 2,000-seater office, filling it with fractional clients—200 clients of 10 seats each—is operationally inefficient compared to 20 clients of 100 seats each." 

For Enzyme, enterprise clients and mid-sized teams remain the sweet spot. "Fractional offices will be part of the portfolio—maybe 5-7%—but not the core."

Growth Done Right

Ashish Agarwal's story isn't about overnight success or venture-backed hypergrowth. It's about solving real problems, building trust one client at a time, and scaling sustainably. From a surplus office space to a ₹60 crore+ business with an IPO on the horizon, Enzyme's journey proves that in a market obsessed with valuation, the real differentiator is value.

If Ashish had to sum up Enzyme's philosophy in one line, it would be this:

"Built on service, not scale—and that's what keeps our clients coming back."

For anyone building in the flexible workspace sector—or any service business—his advice is clear: “Focus on client satisfaction, invest in the right systems, and don't chase vanity metrics. Real growth comes from real trust. That's how you build something that lasts.”