Bengaluru-based shared workspace startup Incubex NestaVera is investing close to Rs 100 crore to bolster its network across Bengaluru and also 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, spread over a total of 3 lakh sq feet in Bengaluru.
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, startups, entrepreneurs and freelancers.
At present, the company has around 5,500 seats across multiple locations in Bengaluru such as Indiranagar, Koramangala, HSR Layout, Langford Road, Bannerghatta Road, Sarjapur Road and Manyata Tech Park. The company has enabled over 300 businesses so far and plans to expand its clientele rapidly.
Priyatosh Ranjan, Founder and CEO, Incubex NestaVera said, “We have grown significantly in a short span and we are excited about the new expansion roadmap lined up ahead of us. We see a 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."
He added that they 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 feet in the 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.”
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 startup."
