Flipkart has substantially scaled down its need for a huge office space in Bengaluru, which it leased almost two years back, as e-commerce companies in the country struggle to find new avenues of growth and raise fresh funds amid sharp cuts in their valuations.
India’s biggest e-commerce company is now looking to lease just 0.83 million sqft office space. The initial agreement was for 3 million sqft from southern property developer Embassy Group, which was subsequently downsized to 2 million before the company finally decided on the current lease deal.
The deal was originally struck when the funding boom was at its peak. At the time, it was the country’s single largest office lease deal. Flipkart has not raised funds in the past 18 months, even as it defends its leadership position in a bruising marketplace war with Amazon.
Read more: ETRealty
