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IndiQube leases 1,000 seats to upGrad in its co-working centres

Edtech unicorn upGrad has taken up 1,000 seats in IndiQube’s co-working centres in Bengaluru and Hyderabad, in one of the largest flexible workspace transactions this year.

In Bengaluru, upGrad has taken up 850 seats, spread across two floors, in IndiQube Lexington, from where startups such as Ola Electric and Navi Technologies operate. 

In Hyderabad, the edtech startup has occupied 150 seats in IndiQube Pearl situated in the tech hub of Gachibowli.

The Mumbai-based online higher education platform has been on a hiring and acquisition spree and is looking to integrate its multiple teams in flexible offices across cities. Bengaluru will be a key centre for the company’s operations along with regional centres such as Hyderabad that will have local teams.

Flexible workspaces have seen significant momentum with many companies announcing hybrid work plans for their employees through a multi-city format. Edtech firms Byju’s and Unacademy too have been taking up space as they raise funding, expand teams and acquire new companies.

“The demand momentum for managed offices has been strong and the requirements for flexible space have become bigger. The requirement for 1000 plus seats is becoming mainstream. There has been a steady increase in office space enquiries from well-funded startups and unicorns in particular, along with large enterprises,” Rishi Das, co-founder, IndiQube said in an interview.

Bengaluru-based IndiQube has 55 operational centres and 70,000 seats, spanning 3.5 million sq ft. It intends to add another 1-1.5 million sq ft in the coming months, Das said. It is present in Bengaluru, Pune, Hyderabad, Chennai, Mumbai and Noida, and will add a couple of more cities going forward.

“IndiQube has offered us a unique multi-city workspace solution in talent-centric neighbourhoods at Bangalore and Hyderabad. Their one-stop solution to all our workspace requirements ensure that our employee experience is hassle-free and seamless”, said Arjun Mohan, CEO-India, upGrad.

In August, Ronnie Screwvala-led upGrad, which focuses on higher education and mid-career upskilling, joined the coveted unicorn club after raising $185 million from Temasek Holdings Ltd, International Finance Corp. (IFC), and IIFL Group at a valuation of $1.2 billion.

It acquired KnowledgeHut, which provides short-duration upskilling and reskilling courses to professionals, and Impartus, a video-learning solutions provider this year. The company in June said it would hire 1,000 people in three months to fuel expansion plans.

With global expansions taking shape, upGrad is ramping up its support and business teams to continue meeting the strong demand for lifelong learning that they are experiencing.

Large enterprises and mature, well-funded startups have been on a hiring spree, and are looking for ready and flexible office spaces. They were also the largest occupiers of flexible workspaces during the pandemic.

With increasing demand and companies looking at pivoting towards a hybrid office space model, flexible workspace operators are looking to expand their portfolios by over 30% in the next 2-3 years, said a FICCI-CBRE’s report, Future of Flexible Workspace.

In a post-covid world, companies are expected to shift to more flexible workspace models, and firms offering shared office spaces will not only look at standard leased options in their office portfolios but also a variety of other formats, including but not limited to flexible offices, the report said.

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