By Rohit Sharma
Incubex NestaVera, a coworking firm, is investing close to Rs 100 crore to bolster its network across Bangalore and to expand in other cities such as Hyderabad, Pune and Mumbai and also planning to touch 1 million sq. ft. in the next 18 months.
The company has raised the funding commitments through internal sources and plans to launch new and innovative products/services and further enhance its existing technology platform.
Priyatosh Ranjan, Founder and CEO, Incubex NestaVera said, “We are already EBITDA positive and generating positive returns. The additional capital will aid us in expanding our footprint and we plan to touch 1 million sq ft in the next 18 months. We are also targeting Rs 100 crore topline in FY 2019-20.”
“Co-working spaces are experiencing a high growth trajectory in India. Flexible workspaces contribute close to 13% of the office leasing in Q3 CY 18. This was around 5% last year”, Manas Mehrotra, Chairman, Incubex NestaVera said.
The demand for co-working spaces has skyrocketed over the last few years and it is projected that the demand will continue to increase in the coming years.