Coworking solutions provider Urban Vault has sub-leased 16,000 sq ft of managed office space in Gurugram to Green SM, the electric ride-hailing service backed by Vietnam's Vingroup, the company announced Tuesday. The workspace — located on Golf Course Road, Sector 54 — comprises around 500 seats and marks Green SM's first office in India, according to Urban Vault CEO Amal Mishra.
Deal Details
The facility is part of a broader partnership between Urban Vault and Green SM to provide managed office spaces across Indian cities. Urban Vault, headquartered in Bengaluru, currently manages a portfolio of over 2.80 million sq ft with more than 70,000 seats across 80 locations, primarily in Bengaluru, Pune and Gurugram, Mishra said. He added that the company currently operates only one co-working centre in Delhi-NCR but is in talks to open more facilities in Gurugram and Noida.
Strategic Partnership
Amal Mishra, co-founder and CEO of Urban Vault, stated: "The trust placed in Urban Vault by Green SM reflects our ability to deliver high-quality, scalable, and agile workspace solutions for global enterprises entering India." Bach Tuan Anh, CEO of Green SM India, said in a statement: "India is a strategic market for Green SM and as we build our presence across the country, having a reliable workspace partner is essential. Urban Vault's ability to provide fully managed, flexible, and scalable office solutions across key cities aligns perfectly with our expansion plans."
Industry Trends: Co-working Space Demand
The deal comes amid strong demand for flexible managed office spaces across tier I cities. According to Colliers India, co-working operators took on lease 3.9 million sq ft of office space from developers in January-March 2026, a 77% rise year-on-year, to establish their centres and meet rising enterprise demand for flexible workstations. The following table summarises the trend:
| Metric | Q1 2025 | Q1 2026 | Change |
|---|---|---|---|
| Co-working lease volume (sq ft) | ~2.2 million* | 3.9 million | +77% |
| *Computed based on stated 77% rise (3.9M / 1.77) |
Amal Mishra noted that demand in tier II cities is currently "very low", but he expressed hope that the situation would improve gradually.
Implications for International Enterprises
For global companies like Green SM (an electric ride-hailing arm of Vietnam's Vingroup), India's flexible workspace market offers a low-capital entry point to establish operational hubs. Urban Vault's model — providing fully managed, scalable offices — reduces the need for long-term leases and upfront fit-out costs, a critical factor for foreign firms testing or expanding in the Indian market. With 80+ locations across major Indian cities, Urban Vault positions itself as a facilitator for such entry, particularly in the IT and service sectors where most demand concentrates.
The deal also signals Vingroup's deepening interest in India's mobility sector. Green SM's first India office in Gurugram — home to many corporate headquarters and a strong startup ecosystem — will likely serve as a base for fleet management, driver recruitment, and local operations. As Vietnam-based companies increase their India footprint, flexible workspace providers stand to benefit.
What to watch: Urban Vault's next facility openings in Noida and additional Gurugram locations, as well as Green SM's expansion timeline across other tier I cities. Colliers India's Q2 2026 data will reveal whether the co-working leasing momentum persists.
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