EFC India starts 65,000 sq ft co-working centre in Noida to expand biz

New Delhi, Sep 4 (PTI) Co-working space operator EFC (I) Ltd on Monday said it has entered into Delhi-NCR market with start of a new centre in Noida comprising 65,000 square feet area.

The new centre, located at Sector 62 in Noida, will house brands, including Tata Capital and Virtuous Transactional Analyst, among others. EFC will itself occupy 25,000 square feet of office space, the company said in a statement.

Umeash Sahhaaii, Founder & CEO of EFC (I) Ltd, said, “Delhi NCR has been among the top three national markets in office leasing. Dotted by reputed corporates and multinationals across IT, media, BFSI and manufacturing space, this economic hub remains a preferred location for corporates.”

Listed on BSE, EFC (I) Ltd clocked in Rs 57.04 crore total revenues and Rs 3.17 crore net profit for the first quarter of this fiscal on a consolidated basis.

The rental income accounted for about 95 per cent of its consolidated revenues, while fit-out contracts were around 5 per cent.

Founded in 2014, EFC (I) Ltd has 35 centres across seven states — Maharashtra, Hyderabad, Tamil Nadu, Karnataka, Gujarat, Uttar Pradesh and West Bengal.

The company has over 1.5 million sq ft of office space housing 25,000-plus seats. It expects to ramp up its total capacity by 2.5 times to 60,000 seats by March 2024.

WeWork India, Smartworks, Simpliwork Offices, Awfis, Skootr, The Executive Centre, Urban Vault, IndiQube, Incuspaze, 91Springboard, 315Work Avenue, Akasa Coworking, The Office Pass, Avanta India, and BHIVE Workspace are major players that provide co-working/managed office space.