“We plan to double our global revenues in the next four years and will also separately continue to look at positive M&A opportunities across the globe,” said Arsh Chaudhry, CEO, Space Matrix.
With its entry into China, the firm now has its footprint in eight countries and is servicing and managing projects in Australia, India and Southeast Asia.
“In the last couple of years, we have seen an exponential increase in the number of Chinese companies
expanding in India and vice-versa. The likes of Alibaba, Huawei, Lenovo and Xiaomi have been growing their presence in India. This acquisition will give our teams in both China and India the chance to collaborate and offer a synergised service to our clients. In the first quarter of this year, Pan-India office space absorption saw a 23 per cent year-on-year increase of close to 11.4 million square feet, and we see this as a massive opportunity. This fiscal year, we have more than 60 new projects underway and strive to grow 25 per cent year-on-year,” Chaudhry added.
The India Office Property Market report by Colliers International cites an overall absorption for H1 2018 at a record of 24 million square feet and indicates a trend of the use of coworking space attributing to seven per cent share of leasing in the same time frame. The co-working concept is expected to continue expanding notably in cities such as Bengaluru, Mumbai and NCR.
Muraya currently has 45 employees on board and has completed over 500 projects across China. Some of the firm’s notable clients include companies
such as Abbott, Alibaba, Kimberly-Clark, SAP and Volvo Group.z