BENGALURU: Facebook is taking up 2.2-lakh-sqft office space in Bengaluru as the world’s largest social network is logging into the country’s technology capital, people familiar with the matter said.
It has taken up the space in Embassy Golf Links, an office park that houses marquee clients IBM, Microsoft, Goldman Sachs and reinsurer Swiss Re, among others. The city’s booming commercial market will now house all the Big Five tech firms — Facebook, Amazon, Apple, Microsoft and Google — or FAAMG, an acronym coined by Wall Street investors.
Sources told TOI Facebook is expected to move into the new facility next year and will employ 2,200 people. The exact nature of operations is not clear immediately. The social network giant will pay a rent of Rs 130 per sqft, or Rs 34 crore a year, sources added. An email sent to Facebook didn’t elicit a response. Embassy Office Parks declined comment.
Menlo Park-based Facebook has a sizeable presence in Hyderabad where it opened its first India office in 2010. Similarly, the company leased 23,000 sqft in central Delhi last year from Parsvnath Developers, and 22,000 sqft in Mumbai three years ago.
FB’s expansion reflects India’s importance
It has a small presence in Bengaluru’s Prestige Trade Towers and UB City, which will shift to the new office space. Facebook expanding its operations in India reflects the country’s growing importance. Though it does not break up revenue from individual countries, Facebook says the number of users in India is close to 250 million, making it the one of the biggest globally.For the second quarter ended June 30, daily active users on Facebook reached 1.47 billion, up 11% over last year, led by growth in India, Indonesia and the Philippines, the company said.
Facebook’s setting foot in Bengaluru follows those of iPhone-maker Apple and Google, which have set up sizeable presence in the city over the years. Apple leased 50,000sqft office space in Yelahanka from RMZ for its design and development accelerator. Google inked a deal with Bagmane Group to lease 1-lakhsqft office space two years ago as part of the search-engine giant’s expansion plans.
YOU MAY ALSO LIKE OUR FACEBOOK PAGE FOR TRENDING VIDEOS AND FUNNY POSTS CLICK HERE AND LIKE US AS INDIAROX