Co-working space provider Workafella to launch its largest centre in Chennai
In a bid to achieve its target of 25,000 seats by the end of FY 2019-2020, the company is also looking at further expansion in Mumbai, Bangalore, New Delhi and NCR.
In a bid to achieve its target of 25,000 seats by the end of FY 2019-2020, the company is also looking at further expansion in Mumbai, Bangalore, New Delhi and NCR, and tier two cities he said.
Currently, the Chennai-headquartered company has 9,000 operational seats in Chennai and 6000 seats in fit-out stages in four cities – Chennai, Hyderabad, Bangalore and Mumbai.
“We are set to achieve our goal of growing three times in size to become one of the largest co-working space provider in India…In line with this we are planning on entering newer markets in the North and Western regions while further strengthening our presence in the South,” said Rattha.
Some of the major players in the co-working segment currently include 91springboard, New York headquartered WeWork and Sequoia-backed Awfis. Softbank backed hospitality chain Oyo also entered the segment recently with the acquisition of Gurugram-based Innov8 in an all-cash deal worth over Rs 200 crore.
Adding that the company is not lburning cash to expand aggressively, Rattha said that Workafella’s focus in the coming quarters is to grow its occupation volumes in all its centres in order to reduce costs. He said the company was not looking to raise funds for now and that it is open to acquire smaller players in strategic pockets in tier one cities.
The company is also looking to get into the enterprise office segment in its upcoming projects with business models targeting companies that have over a 100 employees. It currently has four centers in Chennai at TTK Road, Nungambakkam, and in the IT corridors of Perungudi and OMR.