Co-working space operator EFC (I) Ltd has made a significant entry into the thriving Delhi-NCR market, inaugurating a new center that spans an impressive 65,000 square feet. This newly established center, strategically positioned in Sector 62, Noida, is poised to host renowned brands such as Tata Capital and Virtuous Transactional Analyst, among others. EFC itself will occupy a substantial 25,000 square feet of this office space, as confirmed by the company in an official statement.
Umeash Sahhaaii, Founder & CEO of EFC (I) Ltd, expressed his enthusiasm for this strategic move, stating, “Delhi NCR consistently ranks among the top three national markets for office leasing. It is home to prestigious corporates and multinationals spanning various sectors, including IT, media, BFSI, and manufacturing. This economic hub remains a preferred location for corporates seeking conducive work environments.”
EFC (I) Ltd, listed on the Bombay Stock Exchange (BSE), reported total revenues of Rs 57.04 crore and a net profit of Rs 3.17 crore for the first quarter of the current fiscal year, on a consolidated basis. An overwhelming 95 percent of the company’s consolidated revenues are derived from rental income, with the remaining 5 percent coming from fit-out contracts.
Founded in 2014, EFC (I) Ltd has established a notable presence with 35 centers across seven states, including Maharashtra, Hyderabad, Tamil Nadu, Karnataka, Gujarat, Uttar Pradesh, and West Bengal. The company currently boasts over 1.5 million square feet of office space, accommodating more than 25,000 seats. EFC has ambitious plans to substantially expand its capacity, with a goal to increase its total seating capacity to 60,000 seats by March 2024.
Alongside EFC, several major players in the co-working and managed office space industry operate in India, including 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.
EFC (I) Ltd’s foray into the Delhi-NCR market is set to intensify competition within the dynamic co-working sector as it strives to meet the diverse needs of India’s corporate landscape.