Ola Technologies To Lease Over 4.25 Lakh Sqft Office Space In Bengaluru

BENGALURU: Ride-hailing company Ola is consolidating its multiple offices in Bengaluru in a 425,000-sq ft office space in the city’s Koramangala area, according to people aware of the deal. The tenure of the deal will be around 15 years, with a rental escalation of 15% every three years, the person said, adding, “Ola currently operates out of 6-7 offices spread around 250,000 sq ft in Bengaluru and will now move into one property, as it looks to save cost.” The facility will be used for Ola’s existing operations, including financial service, and also to expand its electric mobility business. A spokesperson for Ola confirmed the deal but did not share any details. This is one of the largest real estate office deals post the lifting of lockdown. Ola, India’s largest mobility platform, recently restructured its business and also reduced staff strength. The company has operations in more than 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 additional request for proposals for another 8 million sq ft of office space.