Space Matrix, the Singapore-based workplace design and build consultancy, which has major operations in India and clients including Airbnb, Eli Lilly, Gartner, ITC, LinkedIn, Piramal Realty, Schneider Electric amongst others, has now acquired China-based interior design and construction company, Muraya.
While the company has kept the deal value under wraps, it said that the acquisition would help it not only build operations in China but also expand operations in India as well. The company hopes to service Muraya’s clientele which also have operations in India including Chinese tech giant Alibaba which also has India operations.
This strategic acquisition is part of Space Matrix’s vision to expand its footprints across Asia. With this acquisition, Muraya will be rebranded to form Space Matrix China. Globally, Space Matrix will now have a total headcount of over 400 employees across 14 offices.
The company recorded global annual revenue of over S$115 million in 2017 and is on track to hit S$165 million this year. India has been one of Space Matrix’s key pillar markets with nearly 45 per cent of its global revenue coming from India and a staff of over 250 in India alone. The firm has undertaken more than 120 projects in India over the last two years.
With its entry into China, the firm now has its footprint in eight countries and is servicing and managing projects in Australia, India and Southeast Asia.
“In the last couple of years, we have seen an exponential increase in the number of Chinese companies expanding in India and vice-versa. The likes of Alibaba, Huawei, Lenovo and Xiaomi have been growing their presence in India. This acquisition will give our teams in both China and India the chance to collaborate and offer a synergised service to our clients. In the first quarter of this year, Pan-India office space absorption saw a 23 per cent year-on-year increase of close to 11.4 million square feet, and we see this as a massive opportunity. This fiscal year, we have more than 60 new projects underway and strive to grow 25 per cent year-on-year,” Chaudhry added.
The India Office Property Market report by Colliers International cites an overall absorption for H1 2018 at a record of 24 million square feet and indicates a trend of the use of coworking space attributing to seven per cent share of leasing in the same time frame. The co-working concept is expected to continue expanding notably in cities such as Bengaluru, Mumbai and NCR.
Muraya currently has 45 employees on board and has completed over 500 projects across China. Some of the firm’s notable clients include companies such as Abbott, Alibaba, Kimberly-Clark, SAP and Volvo Group.z