your password has been reset successfully, Please login again.

Apeejay to invest Rs 35-40cr to push business centres vertical

The Group is now expanding its business via the lease model for real estate.
BY BEx Bureau
BusinessEx
Jul 12, 2018

The Apeejay Surrendra Group will pump in about Rs 35-40 crore over the next three years to strive for a five-fold growth in its commercial and business centres vertical.

"We have now 1,800 seats capacity in 10 centres in about eight cities of the country. We are targeting 10,000 seats in 25 centres over the next three years," Apeejay Real Estate head Shouvik Mandal said.

As per a report, the demand for co-working space will be at 13.6 million seats by 2020, against the existing industry capacity of about one million seats, he claimed.

The Group is now expanding its business via the lease model for real estate, Mandal said, adding, it will also look at the franchise owned-company operated model in future.

"At present, we operate as company owned-company operated and franchise owned-franchise operated (only one centre in Maharashtra)," he said.

Mandal said it will expand to Bengaluru as a new city besides the existing ones in Kolkata, Chennai, Hyderabad, Mumbai, Vashi, Delhi, Gurugram and Pune.

On operations in Kolkata, he said Apeejay has 600 seats in the city, with the newly-opened second centre at Salt Lake Sector V.

"Capacity of Kolkata will ramp up to 800 (seats) after another expansion is complete at the Park Street centre," he said.

Mandal said the business centres vertical is now valued at Rs 100 crore.

Please add your Comment
SIMILAR News
July 13, 2018
The American software giant is already offering its Azure platform to electric mobility players acro ...More
By Shah Mohsin
July 13, 2018
The Series A funding will also be used to expand the team and bring on board experienced talent in t ...More
By Shah Mohsin
July 13, 2018
With this, the company has raised a total $12 million until now. ...More
By Shah Mohsin
July 13, 2018
The platform has already partnered with 30 corporate entities and is targeting their 1 lakh user bas ...More
By Shah Mohsin
July 13, 2018
The company aims to grow at 40% this fiscal against the industry growth of 6%-7% in the Rs 11,800cro ...More
By Shah Mohsin
July 12, 2018
InnoVen has been able to significantly increase its average investment ticket size to Rs 15-16 crore ...More
By Shah Mohsin
July 12, 2018
Spanugo will use the fresh capital for product development and customer acquisition. ...More
By Shah Mohsin
July 12, 2018
The acquisition will also help HIL enter Southeast Asia and the US, the Hyderabad-based company said ...More
By Shah Mohsin
July 11, 2018
The opportunity also led to a proliferation of debt-focussed alternative investment funds that struc ...More
By Shah Mohsin
July 11, 2018
The Bengaluru-based venture facilitates financing, installation and maintenance of solar systems suc ...More
By Shah Mohsin
July 11, 2018
The company said in a statement that it will the use the money for the next phase of its global expa ...More
By Shah Mohsin
July 11, 2018
The airline, which currently has a fleet of 21 aircraft from A320 neo family, plans to add another 5 ...More
By Shah Mohsin