This promising workspace provider is flying under the radar

India's commercial office leasing market is booming, thanks to the rising number of Global Capability Centers in the country. As a result, flexible office spaces are also flexing their muscles. The supply of these co-working spaces has grown 24 per cent annually between 2021-23 in tier 1 cities, up from 14 per cent prior to the Covid pandemic. This is fueled by demand from startups whose numbers have sprouted rapidly by 42 per cent annually between 2018-23. Another driver aiding the growth has been the adoption of hybrid work models. Quest for the best bet available All eyes are now on top players that are cashing in on the industry's growth prospects. And Awfis Space Solutions is at the top of the pile. The company, which is India's largest flexible workspace solutions player, got recently listed with flying colours on May 30, 2024, and has soared more than 30 per cent since then. The company's revenue grew rapidly by more than five times between FY19-24. However, it has also incurred losses during this period. But what if we told you there is a profit-making competitor that is flying under the market's radar? That too, when it has a similar market cap and balance sheet size as that of Awfis. The old runner Established in 2014, EFC Ltd is India's first listed company that offers integrated services in the managed office space. The company, however, has not gained any spotlight in the market as it had gone public indirectly by acquiring a majority stake in a listed company-Amani Trading and Exports-a