International Workplace Group (IWG), which operates coworking office space brands Regus and Spaces in India, is planning to double the number of offices to over 200 by 2020, a senior company official said.
The company is at present operating 104 workplaces under Regus and six under Spaces in the country.
"The coworking spaces market is relatively small in India, but the growth potential is immense, especially driven by a significant rise in startups and SMEs," Harsh Lambah, country manager, Regus, told PTI here today.
Under Spaces, the company has two offices each in Gurugram and Bengaluru and one each in Mumbai and Chennai.
Lambah said the firm plan to double the number of offices under Spaces to 12 by this year end.
It today launched its first office here in Kanakia Wall Street, Andheri, spread across 40,000 sq ft.
The company is planning to take Spaces to cities like Noida in Delhi-NCR, Hyderabad, Pune and Kolkata.
"Our focus will be to not just expand in the major metros but also to take both these brands (Regus and Spaces) in tier II cities," Lambah said, adding, "We want to increase the total under these brands to 200 in the next 24-36 months."
When asked about the planned investment for this expansion, he denied to give country specific investment data, saying, "Globally, we have decided to invest USD 275 million in 2018, and a significant amount of this will be for India."
He further said the company is also exploring opportunities of acquiring firms that are engaged in the coworking office segment.
"A number of startups have entered this space and we are keenly looking at opportunities for acquisition for expansion in the country," Lambah said.
Going forward, he said, the company is looking to bring its other product offerings including Quora and Open Office in the country.
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