IBREL recently raised more than Rs 3,911 crore through a preferential allotment to a diverse group of investors, including Embassy Group and Blackstone. Embassy Group will be the largest shareholder in IBREL, with 18.7% ownership on a fully diluted basis.
The office space provider operates across seven cities and 50 locations. It claims to have more than 70,000 members and 90,000-plus desks totalling to 6.5 million sq ft. Its member base includes around 80% enterprises with 20% clients coming from SMB, entrepreneurs and the startups segments. “We have seen average prices going up by 10% annually to Rs 20,000 per seat at our centre, with average occupancy of 82%,” said Virwani.
The company, which is owned by real estate firm Embassy Group and WeWork Global, has started its 50th centre at Saket in South Delhi, marking its entry into the national capital market. The new centre, comprising 54,000 square feet area and around 700 desks, is located in a commercial building developed by realty firm Eldeco.
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