New Delhi, Sept. 18 -- Managed workspace operator TableSpace, along with its promoter Rava Partners, the real assets arm of Hillhouse Investment, said on Friday they have jointly acquired a majority stake in KMC Solutions, a Philippines-based enterprise services provider specializing in managed workspace and HR solutions.
The terms of the transaction were not disclosed.
The firm said the deal unites two leading managed office platforms in India and the Philippines, creating one of the largest players in the Asia-Pacific managed office sector, with approximately 13 million square feet of space under management across two key markets for global capability centers (GCCs).
For TableSpace, the investment marks a significant milestone in its international expansion strategy, extending its enterprise workspace offerings beyond India into the Philippines, a complementary hub for global enterprises scaling operations across Asia.
Post-transaction, KMC's founders will retain a minority stake and continue operating under the existing management team and brand.
The deal comes at a time when Table Space is looking to go public.
Singapore-headquartered alternative investment firm Hillhouse, which manages assets of over $90 billion and six years ago crafted a real asset strategy operating under the brand Rava Partners, is eyeing a multi-bagger from the company it backed in India in 2022.
Rava Partners is looking to offload a third of its 41.76% stake in TableSpace. Bengaluru-based TableSpace Technologies had filed its documents to raise Rs 800 crore in a fresh issue besides an offer for sale by its private equity investor Hillhouse (via Rava Partners), promoters and other shareholders.
The overall issue could be worth around Rs 4,000 crore, based on recent secondary share transactions.
Share transactions over the recent past valued the company at around Rs 17,400 crore ($1.8 billion). With the fresh issue in the proposed IPO and an anticipated mark-up in share sale, the company could be eyeing around a $2-billion valuation post issue.
TableSpace provides bespoke, enterprise-grade managed workspace solutions for global capability centres (GCCs), Fortune 500 companies and multinational corporations. It operates on an integrated "single-cheque" model spanning leasing, design, fit-out, operations, facilities management and compliance across the workspace lifecycle.
The company clocked operational revenue of Rs 2,262 crore for the year ended March 31, 2026, up 66% over the previous year. During the same period, it cut down its net loss to Rs 400 crore from Rs 1,555 crore in FY25.
As of March 31, 2026, TableSpace had 11.46 million square feet of leasable area across 33 key office clusters in eight tier I Indian cities. It had a leased area of 9.33 million square feet, 98.01% of which was in Grade A properties.
KMC, founded in 2010, operates over 30 offices across Philippine business districts, offering customized offices, workplace management, and HR services such as Employer of Record, payroll, compliance, and IT support.
Published by HT Digital Content Services with permission from VC Circle.