A coworking participant listed on the market, EFC Ltd, plans to increase the number of seats it has from 25,000 to 60,000 by March 2024. EFC Ltd announced in a statement on the 29th of September.
EFC Ltd recently signed approximately 500,000 square feet of office space within Pune, Noida, Hyderabad, and Kolkata.
“We intend to expand the number of seats from the present 25,000 plus to nearly 60,000 by the end of this financial year. We are exploring various options, including FPOs, to raise the necessary funds for these expansions. However, I cannot comment on how much money will be raised at the moment,” the founder and chief executive Umeash Sahhaaii said.
The company earned Rs 57.04 million in sales and Rs. 3.17 million in profits during the quarter’s first half of FY24, on the basis of a consolidated.
“We derive 95 percent of our revenues through rental income, following an anchor concept wherein one or two large-scale clients account for 80 percent of the facility’s occupancy where the agreement period is around 3-5 years, and the remaining 20 percent is then offered to smaller clients, including coworking spaces,” Sahhaaii said. This strategy allowed EFC to maintain an ongoing revenue forecast, which is a crucial element to its survival in the outbreak of coronavirus.
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It is listed on BSE via the reverse merger of FY2023. The company’s coworking area is named Sprint, as the EFC brand is the managed workspaces segment.
It is a company that is home to more than 36 centers spread over 1.5 million sq. feet. They also have a capacity of 25,000 seats in eight cities covering Maharashtra, Hyderabad, Tamil Nadu, Karnataka, Gujarat, Uttar Pradesh, and West Bengal.
At 3.08 pm, the price was Rs 225 on BSE, a rise of 3.21 percent over the previous closing.