Navi takes up 75,000 sq ft Bengaluru space
Premium- Managed office provider IndiQube has about 1.5 lakh sq ft of office space across two buildings at AMR Tech Park in Hosur Road. It has leased one building to Navi for a nine-year tenure
BENGALURU : Flipkart co-founder Sachin Bansal’s financial services startup Navi Technologies, which is eyeing a public listing, has taken up 75,000 sq ft of office space on lease from IndiQube, in suburban Bengaluru, according to two people familiar with the transaction.
Managed office provider IndiQube has about 1.5 lakh sq ft of office space across two buildings at AMR Tech Park in Hosur Road. It has leased one building to Navi for a nine-year tenure. The company will occupy it sometime in April once the fitouts are done.
“Navi has taken up a new ground-plus-floor storey building, which will be used largely for back-office operations and as a delivery centre. It can house around 1000 employees," said the first person, who didn’t wish to be named.
Spokespersons of Navi and IndiQube didn’t respond to queries.
In 2021, Navi had taken up around 110,000 sq ft for its corporate office at Prestige RMZ Startech, a Grade A office complex in Bengaluru’s Koramangala area. Cab hailing firm Ola had also leased around 400,000 sq ft of space in the same complex.
Bengaluru-based Navi, which was set up in 2018 and turned profitable in 2020-21, is preparing for an initial public listing (IPO).
Navi passed a special resolution to convert the company from private to a public limited entity and rename it to Navi Technologies Limited, a move that will pave the way for the company to float an IPO soon, news portal Entrackr reported in February.
Well-funded startups are spearheading office leasing momentum across cities, particularly managed and flexible workspaces offices, on the back of increased hiring, growth and funding. During 2022-24, startups are expected to lease 29 million sq ft, which is a 29% jump from the 2019-21 period when they leased 22.4 million sq ft, according to a recent report by property advisory Colliers and CRE Matrix. The demand will be led by fintech and logistics startups as they have gained momentum post pandemic due to increased digital adoption and e-commerce boom, and hold a healthy pipeline in potential unicorns list.
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