Co-working company Avanta India to invest Rs 200 crore on expansion

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Co-working company Avanta India will invest Rs 200 crore over the next three years and is looking to expand in Delhi-NCR, Mumbai, Pune, Hyderabad and Bengaluru, the company said on February 12.

The company launched its sixth co-working centre at Connaught Place on February 12 with a capacity of 280 workstations spread across 20,000 sq ft, it said.

The firm has invested Rs 10 crore in the centre. Besides this facility, the company has four in Delhi and one centre in Gurugram comprising 2,500 seats.

"We will be investing Rs 200 crore on expansion over the next three years. The funding will be through internal accruals and infusion from promoters," said Nakul Mathur, Managing Director, Avanta India.

The centres provide office spaces targeted at SMEs and start-ups. The project is currently being managed by internal accruals. However, future funding is expected from Avanta Group, the UK-based parent company, the company said.

"The co-working segment has expanded rapidly over the last few years. The benefits these spaces bring in range from zero capital investment, flexibility and hassle free allotment. These features are proving attractive for corporate and freelancers," he added.