Co-working operator EFC to expand capacity by more than 2.5 times to 60,000 desks

Co-working operator EFC (I) Ltd plans to expand its capacity by more than 2.5 times to 60,000 desks as it seeks to encash rising demand for flexible workspace from corporates.

Pune-based EFC (I) Ltd, which is a serviced office/co-working space operator, is listed on BSE. It has a presence in seven states spanning over 35 co-working centres totalling 1.5 million square feet area.

In a statement, the company said that it plans to "triple its capacity -- from 23,000 to 60,000 seats by March 2024." EFC (I) will add 10,000 seats during the first quarter of this fiscal year. It mentioned that 65 per cent of the company's business comes from institutional clients, while the remaining 35 per cent comprises the retail part.

Umesh Sahay, Founder & CEO of EFC (I) Ltd, said, "We have built an ecosystem comprising efficient, safe, well-designed and ergonomics-friendly workspaces - ranging from made-to-order offices to co-working solutions." "In the past six years, we achieved a scale of 23,000 seats, which we expect to nearly triple to around 60,000 within this year. In doing so, we intend to keep our profitability intact," Sahay added.

The company's enterprise workspace solutions are under the brand EFC, while co-working spaces are branded under Sprint. It has co-working centres in Maharashtra, Hyderabad, Tamil Nadu, Karnataka, Gujarat, Uttar Pradesh, and West Bengal. The company charges Rs 6,000 to Rs 10,000 per desk from its customers.

EFC (I) said its total revenue stood at around Rs 145 crore in the last fiscal and a net profit of Rs 24 crore.

According to property consultants, the demand for flexible office space has risen significantly in the last two years, especially from enterprises that are looking to save on capital expenditures and get rid of the hassles of managing office portfolios.

Catch the latest stock market updates here. For all other news related to business, politics, tech, sports, and auto, visit Zeebiz.com.