 "The ground floor of one of the WeWork spaces in Gurugram. Photos: Dalip Kumar")
Co-working space provider IndiQube has leased out a 1,037-seater managed workspace to Bengaluru-based agritech start-up Ninjacart, according to Colliers India, who advised on and transacted the deal.
The financial details of the deal were not disclosed.
Ninjacart will use this new space to fuel its expansion plans as it now operates in new verticals such as commerce and fintech, all aimed at empowering agri citizens across the value chain including farmers, traders, retailers, importers, and exporters. Currently, Ninjacart has 1,300 employees operating from 70 locations. It plans to expand to 200 cities and towns in the coming year.
“Our team has gone the extra mile to ensure that this state-of-the-art new office space enhances employee productivity, and fosters creativity and innovation, all the while keeping Ninjacart’s brand ethos at its heart. This reinforces our belief that IndiQube is an ideal workspace destination for thriving start-ups and unicorns in their growth journey,” said Meghna Agarwal, co-founder of IndiQube.
Founded in 2015, Ninjacart has been utilising cutting-edge technology to enhance the efficiency of the agricultural supply chain process. This has empowered various stakeholders in the agricultural value chain, ranging from farmers and traders to retailers, importers, and exporters.
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“The collaboration with Colliers and Indiqube proved transformative. Opting for Indiqube, endorsed by Colliers, proved to be a strategic decision that significantly enhanced our office space experience – it simply feels perfect,” said Sharath Loganathan, co-founder at Ninjacart.
As Ninjacart has been steadily growing, backed by several investors, it was keen on expanding its office space in Bengaluru and appointed Colliers India to identify and transact a suitable office asset. On conducting a market analysis, Colliers said its experts proposed a managed office space instead of a conventional one, given the cost-effectiveness and flexibility offered by the co-working segment.
After evaluating a series of viable spaces, an IndiQube-managed office space located within the Outer Ring Road corridor has been finalised and executed. The space is equipped with amenities including a gym, childcare facilities, and a food court.
“Amid supply constraints and scaling rentals in the sought-after Bengaluru market, we were confident that a managed space would be best suited for the present business needs and to fetch long-term gains. Our team conducted a thorough market study before narrowing it down to a couple of commercial assets and finally identifying IndiQube as the apt office space,” said Arpit Mehrotra, managing director, Office Services, South and Head of Flex, Colliers India.
Co-working spaces in Bengaluru have witnessed a surge in demand driven by start-ups looking for a flexible work environment with premium amenities while eliminating rental costs. Bengaluru tops the list of cities with the highest available stock of flexible office space in the Asia-Pacific (APAC) region, according to a CBRE report.
According to the 'India Real Estate Q3' report by Knight Frank, the country recorded office transactions of 16.1 million square feet during the July-September quarter. In addition, Bengaluru had a new office supply of 4 million square feet in 2023.
