The company claims to offer one of the most extensive ranges of flexible workspace solutions in India, including enterprise office suites, customised managed offices, co-working spaces, and hybrid digital solutions.
The company claims to have consistently recorded higher search volumes than its competitors, claiming to have four times the search volume of its nearest rival between October 2023 and September 2024. It claims to have strong brand recall and visibility within the flexible workspace sector in India.
The company is majority-owned and promoted by Embassy Group, which claims to have over 85 million square feet of real estate in India and to be the sponsor of Embassy REIT, Asia’s largest office REIT by leasable area. This backing provides the company with access to marquee properties, established tenant networks, and strong real estate execution capabilities.
The company claims to operate largely out of grade A properties, with approximately 94 percent of its 7.07 million square foot portfolio located in such spaces as of June 30, 2025. Its centres are positioned in key Tier 1 cities such as Bengaluru, Mumbai, Gurugram, and Hyderabad, where office demand and absorption levels have remained strong.
The company is ISO 45001:2018 certified for occupational health & safety management systems and ISO 14001:2015 for environmental management systems.
The company has witnessed a consistent increase in revenue from operations. It increased from Rs 1,314.52 crore in FY23 to Rs 1,665.14 crore in FY24 and Rs 1,949.21 crore in FY25.
The company recorded a loss of Rs 146.81 crore in FY23, which decreased to Rs 135.77 crore in FY24, and in FY25, it registered a profit of Rs 128.18 crore.
The company’s operations are concentrated in Bengaluru and Mumbai, and it derives significant net membership fees from these two cities. They accounted for Rs 1,181.17 crore (70.04 percent) of the company’s total net membership fees in FY25, Rs 1,003.90 crore (68.80 percent) in FY24, and Rs 812.72 crore (71.04 percent) in FY23. Any political, social, or economic developments in these regions, or sudden regulatory restrictions, could adversely affect the company’s business operations and finances.
The company derives a major portion of its net membership fees from its top 10 customers. They accounted for Rs 404.82 crore (24.01 percent) of the company’s net membership fees in FY25, Rs 363.31 crore (24.90 percent) in FY24, and Rs 286.96 crore (25.09 percent) in FY23. Loss of these customers or a decline in business from them could adversely affect the company’s finances and operations.
The company derives a major portion of its net membership fees from international clients. It accounted for 63.44 percent of the company’s net membership fee in FY25, 59.65 percent in FY24, and 56.64 percent in FY23. Loss of these customers or a decline in business from them could adversely affect the company’s finances and operations.
The company has signed long-term fixed-cost lease agreements with its landlords for a leasable area of 7.35 million square feet spread across 60 centres in eight cities. Inability to pay rentals or renew agreements is also likely to affect the company’s results of operations and cash flows.
A few landlords account for a significant percentage of the company’s lease agreements. They accounted for 2.54 million square feet (34.33 percent) of the company’s total operational leasable area in FY25, 2.44 million square feet (38.62 percent) in FY24, and 2.27 million square feet (41.02 percent) in FY23. Disputes with these landlords could lead to termination of key leases, adversely affecting the company’s business and finances.
The company reported negative cash flows from investing activities, amounting to Rs 303.68 crore in FY25, Rs 393.41 crore in FY24, and Rs 386.47 crore in FY23, primarily due to the acquisition of fixed assets and intangible assets. It also reported a negative cash flow from financing activities of Rs 983.78 crore in FY25, Rs 797.32 crore in FY24, and Rs 533.76 crore in FY23, due to payment of the principal portion of lease liabilities and interest paid on lease liabilities. If these negative cash flows persist, it could adversely affect the company’s ability to meet its working capital needs or repay loans without raising additional external financing, thereby impacting its financial condition and operations.
The company, its directors, and promoters are involved in various legal proceedings, including tax and criminal cases. Any adverse judgment in any of these cases could be detrimental to the company’s business prospects.
As of FY25, the company had total contingent liabilities amounting to Rs 23.37 crore. If any of these contingent liabilities materialise, it could harm the company’s financial performance.
As of June 30, 2025, the company reported total indebtedness of Rs 401.08 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.