Tuesday, Jul 7 2020 | Time 01:54 Hrs(IST)
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Business Economy


Coworking space provider Incubex NestaVera to invest Rs 100 Cr for expansion

Bangalore, Dec 11 (UNI) 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, according to a release here on Tuesday.
Mr Priyatosh Ranjan, Founder and CEO, Incubex NestaVera said, “ 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 work spaces contribute close to 13 per cent of the office leasing in Q3 CY 18 against around 5 per cent last year."
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