Mumbai-based Tata Digital Ltd has picked up nearly 200 seats at IndiQube Orion’s shared functional working space at the HSR Layout startup hub in Bengaluru.
Sources reveal that the lease agreement was signed recently, and Tata Group’s flagship e-commerce firm is expected to occupy the office within a month, following some minor modifications to the interiors. Mukesh Bansal, president, Tata Digital, will be operating from the office space along with his team.
After investing USD 75 million in Curefit in June, the Tata Sons group appointed Curefit co-founder and chief executive Bansal as president of Tata Digital. A person working closely with them requesting anonymity said, “The IT firm is building an e-commerce team and large technology firm in Bangalore and is likely to expand aggressively in the next 6-12 months. They have taken up flexible office space for the moment as they want to get started. Their plans will be clearer within 3-6 months”
A Tata Digital spokesperson and IndiQube spokesperson refused to comment on this when media houses reached out for queries. In 2021, the company, which houses Tata Group’s digital assets, acquired a majority stake in online pharmacy 1mg Technologies Pvt. Ltd. The company also made headlines when they also acquired a 64% stake in online grocer BigBasket.
According to regulatory filings, in May 2021, the Tatas increased the share capital of Tata Digital from ₹1,000 crore to ₹10,000 crores. Sources reveal that Tata digital is also looking to raise around ₹5,000 crores by issuing commercial papers. The company, which has recently been on a hiring spree, also announced the appointment of Modan Saha as the CEO of Financial Services. Saha will work on building the fintech business portfolio.
During the pandemic, large enterprises and mature, well-funded startups have been the largest occupiers of flexible workspaces. FICCI-CBRE’s report noted that with increasing demand and companies looking at pivoting towards a hybrid office space model, flexible workspace operators are looking to expand their portfolios by more than 30% in the next 2-3 years.