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Dec, 12 2018

Incubex NestaVera plans to invest Rs 100 crore for expansion

The raised capital will be used by the company to expand its presence in Bengaluru and enter newer cities like Hyderabad, Pune and Mumbai.

Incubex NestaVera, a leading coworking, enterprise workspace and serviced offices space provider, is planning to invest Rs 100 crore over the next two years to expand its operations and launch new products. The company is further looking to touch 1 million sq ft of co-working space over the next 18 months. 

The raised capital will be used by the company to expand its presence in Bengaluru and enter newer cities like Hyderabad, Pune and Mumbai.

Priyatosh Ranjan, Founder and CEO, Incubex NestaVera, said, "We have grown significantly in a short span and very excited about the new expansion roadmap lined up ahead of us."

Presently, Incubex NestaVera is managing 10 office spaces located at prime locations, spread over a total of 3 lakh sq ft in Bengaluru.  The firm currently has around 5,500 seats across multiple locations in Bengaluru.

"We are already EBITDA positive and generating positive returns and is targeting Rs 100 crore topline in FY 2019-20," Ranjan added.

Manas Mehrotra, Chairman of Incubex NestaVera, stated, "Co-working spaces are experiencing a high growth trajectory in India. Flexible workspaces contribute close to 13% of the office leasing in Q3 CY 18. This was around 5% last year. The model has proved for itself as the demand is from multiple end users which include multinational companies to one seater start-up."

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