Coworking space provider Incubex NestaVera to invest Rs 100 cr for expansion
Bangalore, December 11, 2018: Incubex NestaVera, a leading coworking, enterprise workspace and serviced offices space provider 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. 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. Founded in 2014, Incubex NestaVera currently manages 10 office spaces located at prime locations, spread over a total of 3 lakh sq ft in Bangalore.
The shared workspace start-up, Incubex NestaVera offers a variety of services and spaces like enterprise offices, coworking desks, private offices, meeting rooms and virtual offices to corporates, mid-size enterprises, small teams, start-ups, entrepreneurs and freelancers depending on the needs of its users. Presently, the company has around 5,500 seats across multiple locations in Bangalore such as Indiranagar, Koramangala, HSR Layout, Langford Road, Bannerghutta Road, Sarjapur Road and Manyata Tech Park. The company has enabled 300+ businesses so far and plans to expand its clientele rapidly.
Mr. Priyatosh Ranjan, Founder and CEO, Incubex NestaVera said, “We have grown significantly in a short span and very excited about the new expansion roadmap lined up ahead of us. We see very healthy demand side traction for our products and services. We believe there is a massive market opportunity in the co-working and enterprise office space. Our priority is to deepen the penetration in existing markets and enter new cities. 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 next 18 months. We are also targeting Rs 100 crore topline in FY 2019-20 and look to establish ourselves as a key player in the Indian shared workspace market.”
Mr. Manas Mehrotra, Chairman, Incubex NestaVera said, “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. The model has proved for itself as the demand is from multiple end users which include multinational companies to one seater start-up. Startups at Incubex NestaVera also get access to experienced mentors, angel investors, specialized professionals (Legal / Accounting etc) and VC firms. We believe that Incubex NestaVera with its strong leadership team and customer focus, is likely to become a leader in the segment soon. This is just the first step in our plans to further disrupt and innovate the co-working space in India,”
The way we work is changing. With ever-changing workforce requirements, businesses of all sizes need flexible workplaces. Hence the demand for coworking spaces has skyrocketed over the last few years and it is projected that the demand will continue to increase in the coming years,