The company has received investment from investors including Peak XV, Bisque Limited and Link Investment Trust (Chrys Capital Group), QRG Investments and Holdings Limited, VBAP Holdings Private Limited, Shri Brahma Creation Trust, Karmav Real Estate Holdings LLP (Arun Bharat Ram Group) and Ashish Kacholia.
As on December 31, 2023, the company had 169 total centres across 16 cities in India, with 105,258 seats and total chargeable area of 5.33 million square feet (msf), of which 31 centres and 25,312 seats are under fit-out with chargeable area aggregating to 1.23 msf.
The company has entered into signed letters of intent (LoI) with space owners for 13 additional centres, with 10,859 seats aggregating to 0.55 msf.
As on December 31, 2023, the company had over 2,295 clients and a presence in 52 micro markets in India.
As per the RHP, the company has sold 10,743, 23,981, 36,020 and 27,484 seats at its centers in Fiscals 2021, 2022 and 2023 and nine months ended December 31, 2023, respectively.
For the financial years ended March 31, 2021, 2022, and 2023, and the nine months ended December 31, 2023, the company’s total income increased from Rs 17.84 crore to Rs 25.70 crore, to Rs 55.53 crore and Rs 63.37 crore, respectively.
The company relies on its customer relationships to grow its business and generate revenues. Any negative customer experience may negatively impact its business.
A significant portion of the company’s revenues from co-working spaces comes from Bangalore, Mumbai, Pune and Hyderabad. Any adverse developments affecting such centres would egatively impact the company’s business.
As of April 30, 2024, the company had total indebtedness of Rs 31.9 cr. Any inability to service this loan could adversely impact the company’s business.
For the company, the estimated amount of contracts remaining to be executed on capital account and not provided for as on December 31, 2023, stood at Rs 21.1 cr.
The company is involved in certain legal proceedings. Any adverse decision in such proceedings could adversely impact its business.
The company has entered into long-term fixed cost leases, encompassing 1.94 million square feet across 62 total centres in 11 cities and 9 states, comprising 33.57% of its total seats as of December 31, 2023. This arrangement may lead to adverse impacts on its liquidity, results of operations, cash flows, and profitability.