ABL Workspaces invests Rs 7 cr to start co-working centre in Noida

Startup ABL Workspaces on Wednesday said it has invested Rs 7 crore to start a new co-working centre, comprising 800 seats, in Noida.

This will be the company's 9th centre in the national capital region.

ABL Workspaces has taken on lease 40,000 sq feet from landlord to open a co-working centre with 800 desks in Noida, Uttar Pradesh, the company said in a statement.

Starting with 50 seats in 2017, the company now has 5,000 seats and is targetting 15,000 seats by the end of 2020.

Ankur Gupta, co-founder and CEO of ABL Workspaces, said co-working space is in high demand in the nation.

"We are expecting a revenue of almost Rs 50 lakh per month once we achieve 100 per cent occupancy in this new centre," said Akshita Gupta, co-founder of ABL Workspaces.

Bira 91 Beverages, BulBul TV, Etsy, Lodha Group, Livspace, Truly madly, Petrofac and Cynesis are some of its clients.

According to property consultant Cushman & Wakefield, currently there are 1,000 operational co-working centres, with a capacity of over 4 lakh seats, across six major cities.

The number of flexible space operators has risen from single digits to about 350 over the last 3-4 years.

The report estimated user base of flexible workspaces to jump 10 times to nearly 3 million by 2025. At present, 65-70 per cent of demand for co-working spaces comes from large corporates, 15-20 per cent from small & medium enterprises and 10-15 per cent from freelancers and startups.