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Flex spaces boom as the office goes to the employee

LivemintLivemint · 9m ago
Flex spaces boom as the office goes to the employee
Medial

Indian flexible space providers, such as Awfis Space Solutions, WeWork India, IndiQube, and Urban Vault, have experienced significant revenue growth since the pandemic. The demand for alternative workspaces closer to employees has risen among corporates, startups, and professionals. The flexible office segment, including co-working and managed workplaces, has witnessed expansion, with capacity additions of 8-9 million square feet each in 2022 and 2023. This growth has prompted many space providers to go public, including Awfis, Smartworks Coworking Spaces, WeWork India, Simpliwork Offices, IndiQube, and Table Space Technologies. Global capability centres, along with traditional IT services and business process management, are driving the demand for co-working and managed workplaces.

WeWork India debuts in Chennai with launch of first co-working space in the city

Economic TimesEconomic Times · 1y ago
WeWork India debuts in Chennai with launch of first co-working space in the city
Medial

Flexible workspace provider WeWork India has opened its first co-working space in Chennai, marking its 55th building in the country. Located in Olympia Cyberspace, the facility covers 130,000 sq ft and offers 2,000 seats across two floors. WeWork has already secured members including Wheelocity Fresh, Molex India, Dr. Wamser + Batra India, and H2O LLC. The company sees Chennai as a thriving business hub for freelancers, entrepreneurs, enterprises, and Global Capability Centres, with strong demand across various industries including agri-tech, IT/ITES/HR, and manufacturing. WeWork India plans to open three to five more locations in Chennai within the next 12 to 18 months.

Co-working space firm WeWork India reports 77% reduction in losses to Rs 146.8 crore in FY23

IndianStartupNewsIndianStartupNews · 1y ago
Co-working space firm WeWork India reports 77% reduction in losses to Rs 146.8 crore in FY23
Medial

WeWork India has reported significant financial growth despite its global parent's bankruptcy filing. The company saw a 67.58% increase in revenue and a 77% reduction in losses for FY23. The primary revenue source was leasing office spaces, accounting for 72% of total revenue. WeWork India's ability to meet financial obligations and sustain growth is supported by continued funding from shareholders, particularly the Embassy Group. Despite competition in the co-working space sector, the company's strategic management and market adaptability position it for continued success. Controlling rental escalations and maintaining a competitive edge will be key challenges moving forward.

WeWork India raises Rs 500 Cr via rights issue

EntrackrEntrackr · 7m ago
WeWork India raises Rs 500 Cr via rights issue
Medial

WeWork India, a flexible workspace operator in India, has raised Rs 500 crore (around $57.8 million) via a rights issue. The proceeds will be used for the repayment of debt, strengthening the company’s pathway to being debt-free, and reducing our cost of capital. WeWork India is currently operational across eight cities, with over 1 lakh desks, with relationships across key stakeholders such as landlords, International Property Consultants (IPCs), and members. Since its inception in India in 2016, WeWork India has expanded across 63 operational centers in Chennai, New Delhi, Gurugram, Noida, Mumbai, Bengaluru, Pune, and Hyderabad. WeWork India’s revenue from operations grew 26.7% to Rs 1,665 crore in the fiscal year ending March 2024 as compared to Rs 1,315 crore generated in the previous fiscal year, as per the company’s consolidated financial statements filed with the Registrar of Company. WeWork, the once high-flying co-working space provider, faced significant challenges in 2023 and 2024. In November 2023, the company filed for Chapter 11 bankruptcy in the US, however, it managed to emerge from bankruptcy after a few months. Despite these challenges, WeWork India is now eyeing an IPO, aiming for a valuation of $2-2.5 billion. Awfis became the first Indian co-working startup to list on the stock exchange, while Smartworks secured SEBI approval for its IPO. Other co-working companies like Simpliwork, Table Space, DevX, and Indiqube are also planning IPOs.

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