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.
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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.