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Sunday, July 21, 2024

EFC, a Co-working Firm, Explores FPO and Other Avenues to Secure Funding for Expansion

The company, in a statement, announced that it has recently secured approximately 500,000 square feet of office space in Pune, Noida, Hyderabad, and Kolkata.

Co-working firm EFC India is considering multiple avenues, including a Follow-on Public Offer (FPO), to secure funding for expanding its capacity to 60,000 seats by the close of this fiscal year. According to a company statement, EFC has recently entered into agreements for approximately 500,000 square feet of office space in Pune, Noida, Hyderabad, and Kolkata.

“We plan to increase our seating capacity from the current 25,000-plus to nearly 60,000 by the conclusion of this fiscal year. We are considering multiple options, including FPOs, to secure the required funds for these expansions. However, I am unable to provide specifics on the amount of funding at this time,” remarked Umeash Sahhaaii, founder & CEO of EFC Ltd.

The company has recently completed a fundraising round, generating Rs 90 crore through a preferential issue to fuel its future expansion efforts.

EFC, which commenced operations in 2012, operates in the domains of office infrastructure, co-working spaces, and office design. The company went public on the BSE through a reverse merger during the previous fiscal year. The company’s co-working spaces operate under the brand “Sprint,” while the EFC brand represents its managed workspaces vertical.

Sahhaaii stated, “Our company has undergone rapid growth in recent years, surging from a top-line revenue of approximately Rs 12 crore in FY19 to Rs 104 crore in FY23, all without any external financial backing, even amidst the interim disruptions caused by COVID-19.”

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