Co-working firm Avanta India to invest Rs 200 cr on expansion in major cities

Co-working firm Avanta India will invest Rs 200 crore over the next three years to expand its business across major cities to tap rising demand of flexible workspace, a top company official said on Wednesday.

Avanta India, part of UK-based Avanta group, on Wednesday launched its sixth co-working centre (serviced office) at Connaught Place in the national capital.

"We have opened our new centre at Kasturba Ganghi Marg with a capacity of 280 seats spread over 20,000 sq ft area," Avanta India MD Nakul Mathur told reporters here.

The company has invested Rs 10 crore to open this centre.

Avanta India now has six co-working centres, five in Delhi and one in Gurugram, totalling around 2,500 seats, he added.

Talking about the expansion, Mathur said the company is looking to open new centres in the Delhi-NCR as well as new cities like Mumbai, Pune, Hyderabad and Bengaluru.

"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," he said.

On the co-working segment, Mathur said: "Co-working spaces also popularly known as flexible offices are ruling the roost and is the necessary requirement for future businesses be it a large or small-sized corporate. 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".

Stating that the co-working segment has been expanding at a rapid pace, he said co-working operators have to realise that the quality of services provided, will be the differentiating and assessing factor amongst various service providers.