LinkedIn has taken on lease close to 18,000 square feet of office space in Mumbai’s Bandra Kurla complex at a monthly rent of ₹1 crore for five years.
It has taken six units on the fourth floor of Maker Maxity building located next to RIL’s Jio Mall, according to lease registration documents accessed from data analytics platform Propstack.
The social media company has paid ₹10 crore as security deposit on the lease and the rent commences on August 8, 2024.
The terms of the lease specify that the landlords are locked in for the entire duration of the lease and cannot terminate it during the lease period. LinkedIn’s lease is locked-in for 36 months and during this period it cannot terminate the lease.
- Also read: India is LinkedIn’s fastest-growing market in terms of member engagement: Hari Srinivasan
The effective starting rental rate is ₹565 per square foot a month and it escalates around 4.5 per cent every year.
The social media platform for professionals, which started operations in India in 2009, has over 100 million professionals engaging on it and has seen its revenues from the country rise four-fold in five years, while it has risen over 80 per cent from FY20 according to media reports.
In the Asia Pacific region, India is its second-largest market and people are using it more for networking opportunities than merely looking for job leads. The country has been a major driver of LinkedIn’s global growth. Due to the growing interest in the platform among vernacular speakers, the company also launched a Hindi version of LinkedIn a couple of years ago.
Published on September 27, 2023
