Advertisement

Business

Updated on: Thursday, November 25, 2021, 03:10 PM IST

Simpliwork Offices to invest Rs 650 cr by 2023

Simpliwork, the Bengaluru-based company, is in talks with prospective investors to raise funds to further expand its geographical footprint. |

Simpliwork, the Bengaluru-based company, is in talks with prospective investors to raise funds to further expand its geographical footprint. |

Advertisement

India’s outsourced office partner, Simpliwork Offices (partnered with Salarpuria Sattva Group), has earmarked an investment of Rs 650 crores over the next two years to capitalise on the accelerated market demand for flexible enterprise spaces following the pandemic.

Despite the global uncertainties, Simpliwork witnessed a 5x growth in turnover in FY 20-21, with a revenue run rate of Rs 300 crores and a committed order book of close to Rs 1,000 crores, it said in a press release.

Currently, the Bengaluru-based company is in talks with prospective investors to raise funds to further expand its geographical footprint. They plan to double the inventory to 6 million sq.ft. by the end of 2023, it said.

Kunal Walia - CEO & Founder, Simpliwork Offices, said, “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. Our business model was uniquely positioned to survive the downturn caused by the pandemic last year. We are currently witnessing a significant uptick in demand for flexible workspaces as companies continue to show reluctance towards capex spends on non-core activities.

"We are currently profitable and are looking to raise funds specifically to capture increasing market share in the flexible workspace segment, along with geographic expansion. We entered both Mumbai and Chennai this year, and are aiming to have our first international centre signed up in H1 2022."

(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Published on: Thursday, November 25, 2021, 03:10 PM IST
Advertisement