New Delhi, Mar 9 (PTI) Proptech firm Square Yards has taken on lease around 30,000 square feet of office space in Pune from co-working operator 315Work Avenue as part of its strategy to consolidate and grow business.
In a statement, 315Work Avenue said on Wednesday that it has signed up 800 seats with Square Yards. This office space is located at Amar Paradigm, Baner in Pune.
The co-working company currently manages around 20,000 seats spread over 1 million square feet across multiple prime locations in Bengaluru, Mumbai and Pune.
Manas Mehrotra, founder of 315Work Avenue, said: “This deal reaffirms the potential created by the consistently rising demand of flexible workspaces amongst companies — startups, SMEs, mid- and large-sized enterprises– that are looking to adopt hybrid workplace models, amidst the new normal.” Corporate clients are increasingly seeking solutions that reduces their capital expenditure, enhances agility and productivity, he said.
Anand Moorthy, CBO & Principal Partner – Asset Management Services & Data Intelligence, Square Yards, said: “It is highly essential that we provide a workspace to employees that is in tune with our focus on positive work culture and innovation, and 315Work Avenue meets all our requirements.” Moorthy also confirmed about the addition of 30,000 square feet space at 315Work Avenue’s centre and said, “We currently have 550 employees in Pune. We have taken this space to consolidate our operation and for growth.” The company plans to hire more aggressively this year to expand its business, Moorthy said.
In December last year, market sources had said that Square Yards intends to launch its initial public offer (IPO) to raise about Rs 1,500 crore for future growth of the business. The real estate consultant has already finalised investment bankers to prepare its draft red herring prospectus (DRHP) to be filed with market regulator Sebi.
The Gurugram-based company has so far raised USD 125 million, of which USD 60 million as equity and USD 65 million as debt capital.
Square Yards is mainly into property brokerage, home loan brokerage and rental businesses. It offers a full-stack digital real estate journey from search and discovery, transactions, home loans to home interiors, rentals, property management and post-sales services. The company reported a revenue of Rs 250 crore during the financial year 2020-21. PTI MJH HVA MR MR
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