Small Business

Ola Technologies to lease over 4.25 lakh sqft office space in Bengaluru

Ola is leasing 4.25 lakh sqft of office space in Bengaluru to costs by consolidating its various offices even as the company also looks to expand its operations across the city.

The new facility can seat over 4,000-5,000 employees and will come up in Prestige Startech in Koramangala, Bangalore.

The total tenure of the deal will be around 15 years with a rental escalation of 15% every three years.

“Ola currently operates out of 6-7 offices spread around 2.5 lakh sqft in Bangalore and will now move into one property as it looks to save cost,” said a source aware of the deal.

The centre will be used for Ola’s existing business including financial service and also to expand the electric mobility business for the firm.

“This is the largest real estate office deal post the lifting of lockdown,” said another person, who did not wish to be quoted.

Knight Frank that brokered the deal refused to comment, while Ola did not reply to a detailed email sent by ET.

Ola, India’s largest mobility platform, has recently restructured the business and is reducing overall staff strength by 5-8 per cent.

It currently serves clients across 250+ cities across India, Australia, New Zealand, and the UK.

India’s office space has seen large transactions in the last six months totalling over 11 million sq. ft. and there is an additional request for proposals for another 8 million sq. ft. office space.

Some of the large deals concluded recently with global majors like Google, Accenture, Microsoft, Morgan Stanley, Standard Chartered Bank and ANSR, across Indian cities.

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Small Biz-Economic Times

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