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Table Space revenue spikes 2X to Rs 780 Cr in FY23; stays profitable

EntrackrEntrackr · 2y ago
Table Space revenue spikes 2X to Rs 780 Cr in FY23; stays profitable
Medial

Co-working space solutions provider Table Space has demonstrated solid financial performance in the last fiscal year as the company’s operating scale grew over 97% and neared the Rs 680 crore revenue mark. At the same time, the Bengaluru-based firm remained profitable during FY23. Table Space’s revenue from operations jumped to Rs 678.5 crore in the fiscal year ending March 2023 from Rs 344 crore in FY22, its consolidated financial statements filed with the RoC show. Founded by Amit Banerji in 2017, Table Space provides customized coworking spaces and claims to have a capacity of more than 10 million square feet with 75 plus centers in over 7 cities including Bengaluru. Rental and lease income formed 75% of the total operating revenue which saw a growth of 69% to Rs 512 crore in FY23 from Rs 303 crore in FY22. Facility management, common area maintenance, and sale of food and beverages were some other revenue drivers for the company. Table Space also earned Rs 90 crore from non-operating activities which tallied its total income to Rs 768.5 crore during the last fiscal year (FY23). See TheKredible for the detailed revenue breakup. Its finance and depreciation costs, concerning the lease accounted for 59% of the overall expenditure which surged 2X to Rs 414 crore in FY23. Table Space’s employee benefits, repair cum maintenance, advertising, legal professional, rent and other overheads catalyzed its overall expense up by 118% to Rs 703.8 crore in FY23 from Rs 321.6 crore in FY22. Head to TheKredible for the complete expense breakdown. The decent scale and two-fold growth in other income helped Table Space to increase its profits marginally to Rs 45.9 crore in FY23 from Rs 44.5 crore in FY22. Its ROCE and EBITDA margin stood at 9% and 62.3%. The company spent Rs 1.04 to earn a rupee in FY23. Table Space has raised around $330 million across several rounds including a $300 million round from Hillhouse. According to the startup data intelligence platform TheKredible, Hillhouse is the largest stakeholder with 31.49%. Its core team including Amit Banerji, Karan Chopra, Srinivas Prasad, and Narendra Kumar Kamaraju commands 56.48% of the company. The company competes with the likes of Smartworks, Awfis, IndiQube, WeWork and others. Table Space continues the trend of co-working platforms delivering strong growth, even as it has seen margins shrink at the same time. But being profitable matters, and the firm is poised to benefit all the more from the growth momentum thanks to that. However, the high income from non operating activities might also not be sustainable, which will put further pressure on the bottomline. All out growth versus well considered growth is still a much better problem to have than growth versus survival, however.

Table Space gears up for Rs 1,000 Cr IPO; to raise Rs 200 Cr in pre-IPO round

EntrackrEntrackr · 19d ago
Table Space gears up for Rs 1,000 Cr IPO; to raise Rs 200 Cr in pre-IPO round
Medial

Table Space, a managed workspace startup, is preparing for an initial public offering (IPO). The issue is likely to comprise a fresh issue of shares worth up to Rs 1,000 crore, along with an offer for sale (OFS) component. Ahead of the public issue, the company cleared a Rs 200 crore pre-IPO fundraise through private placement, which was approved at an extraordinary general meeting (EGM) held earlier last month. According to filings submitted to the Ministry of Corporate Affairs (MCA), the upcoming pre-IPO fundraising round is equivalent to 20% of the total fresh issue size, implying that the fresh issue component of the IPO is estimated to be approximately Rs 1,000 crore. Founded by Amit Banerji in 2017, Table Space provides customized coworking spaces and claims to have a capacity of more than 10 million square feet with 290 unique clients over 7 cities, including Bengaluru. On the financial side, Table Space crossed the Rs 1,000 crore revenue mark by increasing 50% year-on-year to Rs 1,360 crore in FY25 from Rs 906 crore in FY24. Excluding the exceptional item, the company’s profit spiked nearly 3X to Rs 14.6 crore in the same period. It's important to note that Table Space reported an exceptional item of Rs 1,568 crore, which rose from a non-cash fair valuation loss on its CCPS-A instruments. These preference shares are structured to convert into equity only immediately before a liquidation event (such as IPO), or earlier with investor consent. Table Space will enter an increasingly crowded and fast-evolving flex-workspace market, competing with several listed peers in India. Key players already trading on the stock exchanges include WeWork India Management, Smartworks Coworking Spaces, IndiQube Spaces, and Awfis Space Solutions. WeWork India, often viewed as the largest by revenue and scale among these, has led the sector’s recent IPO wave and commands significant market presence.

Yogurt brand Epigamia's co-founder Rohan Mirchandani passes away at 42 due to cardiac arrest

Business TodayBusiness Today · 1y ago
Yogurt brand Epigamia's co-founder Rohan Mirchandani passes away at 42 due to cardiac arrest
Medial

Rohan Mirchandani, co-founder of Epigamia, passed away at 42 due to cardiac arrest on December 21, 2024. A graduate of NYU Stern and Wharton, he founded Drums Food International in 2013, transforming it from Hoki Poki ice cream to Epigamia, a leading Greek yogurt brand in India with over 20,000 retail points. Epigamia’s leadership, led by Ankur Goel and Uday Thakker, will continue managing the company with support from its board and investors. Known for his innovative spirit, Mirchandani aimed to scale revenues to ₹250 crore by FY25 and expand to the Middle East. His passing follows other recent losses in India’s startup ecosystem, leaving a legacy as a visionary leader in FMCG innovation.

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