Active Stocks
Thu Mar 28 2024 15:48:07
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / News/  Simpliwork to invest 650 crore in two years
BackBack

Simpliwork to invest ₹650 crore in two years

Simpliwork is in talks with prospective investors to raise funds to further expand its geographical footprint. It plans to double the inventory to 6 million sq ft by 2023-end.

For 2021-22, Simpliwork is estimating revenue of ₹450-500 crore and could look at a public listing in 3-5 years.Premium
For 2021-22, Simpliwork is estimating revenue of 450-500 crore and could look at a public listing in 3-5 years.

Bengaluru: Managed office space provider Simpliwork Offices, backed by real estate firm Salarpuria Sattva Group, on Thursday said it has earmarked 650 crore for investment over the next two years to capitalise on the accelerated demand for flexible workspaces following the covid-19 pandemic.

Simpliwork said it witnessed a five-fold growth in turnover in 2020-21. The Bengaluru-based company is in talks with prospective investors to raise funds to further expand its geographical footprint. It plans to double the inventory to 6 million sq ft by 2023-end.

For 2021-22, the company is estimating revenue of 450-500 crore and could look at a public listing in 3-5 years.

Kunal Walia, CEO and founder, Simpliwork Offices, said, “Around 80% of Simpliwork’s business comes from very large enterprises with requirements of over 500 seats. The balance is from the same category of clients looking at upwards of 100 seats. We are witnessing a significant uptick in demand for flexible workspaces as companies continue to show reluctance towards capex spends on non-core activities."

This year, the firm entered Mumbai and Chennai and is aiming to have its first international centre signed up next year.

"In the new hybrid work environment, employers seek two things – Grade A spaces with advanced technology and large flex spaces – to up their productivity and scale without committing capital to non-core business activities," he added.

Simpliwork has 27 centres, with Hyderabad being its biggest market.

 

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 25 Nov 2021, 03:06 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie