These five centres, which have a capacity of around 2,300 desks, would become operational by next year
Unfazed by the COVID-19 pandemic, The Executive Centre (TEC), a premium serviced office brand, plans to invest Rs 100 crore in the Indian market and open five new centres in Bengaluru, Gurugram, Chennai and Pune to meet the growing demand for co-working spaces.
The company’s operations have been growing at an average 30 per cent annually, and the revenue stood at around Rs 150 crore in June 2020, as compared to Rs 119 crore in a year ago, the company said.
“The revenue of India business grew as it mostly caters to large corporate clients. On expansion, we will continue as per the plan. TEC would invest over Rs 100 crore to open five new centres at Bengaluru, Gurugram, Chennai and Pune. Nearly 2 lakh sq ft area of office space has already been taken on lease to start these facilities. These five centres, which have a capacity of around 2,300 desks, would become operational by next year,” Nidhi Marwah, managing director – South Asia, TEC, told Moneycontrol.
TEC is currently operating 30 centres spread over 8 lakh sq ft at prestigious Grade A addresses in Mumbai, Gurugram, New Delhi, Hyderabad, Bengaluru, Chennai and Pune. TEC is the third-largest serviced office business in Asia, with annual turnover in excess of $275 million.
TEC, which counts Facebook and Twitter amongst its large clients in India, recorded 30 percent growth annually in Asia Pacific, including India. In addition, the total number of workstations occupied as of June 30, 2020, increased by 13.8 percent year-on-year. Client renewal rate increased to 62 percent in the first half of 2020 from 60.2 percent.“The demand for premium serviced offices has increased from MNCs and domestic corporates across the Greater Bay Area and South-East Asia. The company will continue to invest on business expansion to meet this demand. TEC's India operation has been growing at an average 30 per cent annually, and we remain bullish on medium to long term,” said Paul Salnikow, founder and CEO.