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WeWork India CEO Highlights Surging Demand for Co-Working Spaces in the Country
Business Bytes
ยท
1y ago
Medial
The co-working industry in India is experiencing remarkable growth, with the demand for flexible office spaces doubling over the past year, according to Karan Virwani, CEO of WeWork India. This surge in demand is indicative of the evolving work preferences and the influence of Indiaโs young demographic on shaping contemporary work environments. As a testament to this trend, WeWork India has recently expanded its footprint by leasing a substantial 54,000-square feet office space in New Delhi.
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Related News
Flex spaces boom as the office goes to the employee
Livemint
ยท
9m ago
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.
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Freelancers, startups drive demand for co-working spaces in Bengaluru
Economic Times
ยท
1y ago
Medial
The demand for co-working spaces in Bengaluru is on the rise, with startups opting for more flexible offices to save on costs and provide networking opportunities. Co-working spaces offer startups the flexibility of leasing contracts and a variety of options, reducing initial costs associated with traditional office spaces. Bengaluru has become the top city for flexible offices in India, with 39% of operational flex space. While the demand in 2023 is slightly slower compared to 2022, there is still optimism about the demand for co-working spaces in the coming year.
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WeWork India debuts in Chennai with launch of first co-working space in the city
Economic Times
ยท
1y ago
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.
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Co-working space firm WeWork India reports 77% reduction in losses to Rs 146.8 crore in FY23
IndianStartupNews
ยท
1y ago
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.
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WeWork India Ropes In Janak Malkani To Lead Managed Office Biz Expansion
Inc42
ยท
1y ago
Medial
WeWork India has hired Janak Malkani as the head of managed office for India and sales lead for the West region. Malkani, with 24 years of experience in the Indian real estate industry, previously worked as Executive Director at CBRE Asia Pacific. This move comes shortly after WeWork Inc's departure from the Indian co-working space.
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WeWork India raises Rs 500 Cr via rights issue
Entrackr
ยท
6m ago
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 companyโs 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 Indiaโs 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 companyโs 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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WeWork India signs lease agreements for co-working centres in Bengaluru, Hyderabad
Economic Times
ยท
1y ago
Medial
WeWork India has leased 2.72 lakh sq ft of office space in Bengaluru and Hyderabad to open two new co-working centres with around 4,000 desks. The company is expanding in South India and has signed lease agreements for Manyata Redwood in Bengaluru and RMZ Spire in Hyderabad. WeWork India has grown its portfolio to over 6.5 million sq ft across 50 locations in various cities in India. The Indian business is not affected by the bankruptcy proceedings of WeWork Global.
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WeWork India receives SEBI approval for IPO
YourStory
ยท
24d ago
Medial
WeWork India has received approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO), which is a pure offer for sale of up to 43.75 million shares by existing shareholders, including Embassy Buildcon and 1 Ariel Way Tenant. The company, a co-working space provider backed by the Embassy Group, won't receive proceeds from the IPO. WeWork India runs 59 operational centers in India with notable enterprise clients.
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OYO-owned Innov8 sells 3% stake at Rs 1,000 crore valuation to expand co-working business
Economic Times
ยท
1m ago
Medial
OYO-owned co-working firm Innov8 has sold a 3% stake at a valuation of Rs 1,000 crore to expand its flexible workspace offerings, driven by growing demand. Raymond Family Office led the investment, acquiring nearly 2%. Innov8, founded in 2015 by Ritesh Malik, manages over 30 centers in 10 Indian cities. It reported Rs 62 crore profit for 2023-24, capitalizing on corporates' preferences for cost-efficient co-working spaces post-COVID.
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Coworking space giant WeWork India unveils its 50th workspace, forays into the national capital
IndianStartupNews
ยท
1y ago
Medial
Co-working space giant WeWork India today unveiled its 50th workspace in the national capital New Delhi which offers dynamic workspaces tailored to changing business needs, spanning over 54,000 sq. feet with ~700 desks.
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