The Economic Times
Thursday, 29 Aug 2024
Source/Reporter : Sobia Khan
Urban Vault, a managed co-working firm, has leased 100,000 sq ft of office space at Brigade Summit, a mixed-use project by Brigade Group in Whitefield, Bengaluru as the firm plans to expand the business to meet the increasing demand for managed workspaces.
The new facility will include more than 2,000 desks and will see Urban Vault—a self-funded, bottom-line-driven company enter the Whitefield micro market that is witnessing many flexible operators expand operation.
"The demand for prime office space has significantly revived. Large and medium-sized corporations are now preferring hassle-free managed office space from operators," Urban Vault, Co-founder and CEO, Amal Mishra said.
Currently, Urban Vault possesses over 20 lakh sqft of office spaces with more than 30,000 desks in its portfolio. The company holds a substantial presence in Bengaluru and is poised to venture into the Pune, Gurugram, and Hyderabad markets by the end of FY25.
“Bengaluru stands out as the top choice among 7-8 major Indian cities for both global and domestic companies. The city, along with other major metros, is witnessing significant establishment of Global Capability Centres (GCCs) by MNCs. This trend is driving substantial demand for Grade A office space in these locations," Mishra said.
The company is aiming to broaden its geographic footprint within the current fiscal year. In response to the strong demand for managed office space, Urban Vault intends to venture into the Pune, Delhi-NCR, and Mumbai markets while also solidifying its position in Bengaluru.
“The organization is proactively scouting for appropriate locations in these new urban centers to broaden its portfolio, a strategic initiative expected to stimulate an increase in the company's revenue. We are currently engaged in initial talks with various commercial real estate developers and independent property owners to secure office space through lease agreements in these four pivotal markets," Mishra said.
During the 2023-24 fiscal year, Urban Vault achieved a turnover of over Rs 100 crore, boasting an impressive 18% profit after tax (PAT) along with consistent year-over-year growth. The occupancy level in the operational centers is at an impressive 91%.
Founded in 2018, UrbanVault is a bootstrap-funded managed office space provider located in Bangalore. Over the past five years, it has experienced substantial growth, expanding from 40 seats to over 30,000 seats across its network of office spaces. UrbanVault's portfolio spans over 2 million square feet and multiple cities, highlighting its dedication to providing value to a diverse client base.
The new facility will include more than 2,000 desks and will see Urban Vault—a self-funded, bottom-line-driven company enter the Whitefield micro market that is witnessing many flexible operators expand operation.
"The demand for prime office space has significantly revived. Large and medium-sized corporations are now preferring hassle-free managed office space from operators," Urban Vault, Co-founder and CEO, Amal Mishra said.
Currently, Urban Vault possesses over 20 lakh sqft of office spaces with more than 30,000 desks in its portfolio. The company holds a substantial presence in Bengaluru and is poised to venture into the Pune, Gurugram, and Hyderabad markets by the end of FY25.
“Bengaluru stands out as the top choice among 7-8 major Indian cities for both global and domestic companies. The city, along with other major metros, is witnessing significant establishment of Global Capability Centres (GCCs) by MNCs. This trend is driving substantial demand for Grade A office space in these locations," Mishra said.
The company is aiming to broaden its geographic footprint within the current fiscal year. In response to the strong demand for managed office space, Urban Vault intends to venture into the Pune, Delhi-NCR, and Mumbai markets while also solidifying its position in Bengaluru.
“The organization is proactively scouting for appropriate locations in these new urban centers to broaden its portfolio, a strategic initiative expected to stimulate an increase in the company's revenue. We are currently engaged in initial talks with various commercial real estate developers and independent property owners to secure office space through lease agreements in these four pivotal markets," Mishra said.
During the 2023-24 fiscal year, Urban Vault achieved a turnover of over Rs 100 crore, boasting an impressive 18% profit after tax (PAT) along with consistent year-over-year growth. The occupancy level in the operational centers is at an impressive 91%.
Founded in 2018, UrbanVault is a bootstrap-funded managed office space provider located in Bangalore. Over the past five years, it has experienced substantial growth, expanding from 40 seats to over 30,000 seats across its network of office spaces. UrbanVault's portfolio spans over 2 million square feet and multiple cities, highlighting its dedication to providing value to a diverse client base.