The Executive Centre (TEC) has reported a 31% revenue growth in India, reaching Rs 475 crore in 2023. This surge is attributed to expanding its premium, flexible workspaces across major cities, meeting the increased demand post-COVID. TEC now operates 40 centres with high occupancy rates in India.
The Executive Centre (TEC), a leading Hong Kong-based provider of premium co-working spaces, has announced a significant revenue growth of 31% in India, reaching Rs 475 crore for 2023. This growth is mainly attributed to the expansion of its facilities and the rising demand for flexible workspaces in the post-COVID landscape. TEC now operates 40 co-working centres across India, covering approximately 12 lakh square feet and hosting around 13,000 workstations.
Manish Khedia, TEC’s Managing Director for South India, West India, and Sri Lanka, expressed enthusiasm about the company’s performance, stating, “Our revenue from India business stood at Rs 475 crore in 2023, a phenomenal 31 per cent growth from the preceding year.” He also noted a substantial increase in EBITDA, which rose by approximately 35% to Rs 159 crore, highlighting India’s significant contribution to global revenue and EBITDA.
The demand for flexible workspaces has surged as large corporates adapt to new working norms. Last year, TEC opened eight new centres in major Indian cities, including Delhi, Gurugram, Bengaluru, Mumbai, Pune, Hyderabad, and Chennai. Khedia added, “The average occupancy stood at 92 per cent, reflecting strong customer satisfaction and the growing trend towards flexible workspaces.”
Globally, TEC achieved a record revenue of USD 315 million, up 11.2% year-on-year, with an adjusted global EBITDA increase of 12% to USD 56 million. TEC’s Founder and CEO, Paul Salnikow, commented on the financial results, saying, “Our unwavering commitment to service excellence and our ability to anticipate market trends have allowed us to not only meet but exceed our goals amidst a rapidly changing global business environment.”
Salnikow elaborated on TEC’s strategic vision: “India continues to be one of the biggest and fastest-growing markets. Our aim is to enhance our India presence further by offering premium, flexible workspaces equipped with state-of-the-art amenities and personalised services at grade-A locations to remain at the forefront of India’s dynamic workspace landscape.” This strategic expansion reflects TEC’s commitment to maintaining its leadership in the flexible workspace sector by continuously adapting to market needs and enhancing its service offerings.
About The Executive Centre
The Executive Centre (TEC) is a premier provider of premium co-working and flexible workspace solutions, established in 1994 in Hong Kong. With over 200 centres spread across 34 cities in 15 countries, TEC caters to a diverse clientele, including startups, small businesses, and multinational corporations. Known for its high-end office environments, TEC offers state-of-the-art amenities, cutting-edge technology, and customized services, ensuring a superior workplace experience. TEC’s spaces are strategically located in grade-A buildings in central business districts, enhancing accessibility and providing prestigious addresses. TEC’s commitment to excellence and innovation makes it a leader in the dynamic workspace industry, continually adapting to evolving market trends and client needs.
