NEW DELHI: Even as US-based co-working startup WeWork has filed for bankruptcy, WeWork India’s expansionplans are on track and the company is adding new spaces in South India. The firm in which Bengaluru-based real estate major Embassy Group holds a majority 73% stake said that it has signed lease agreements for two new buildings—Manyata Redwood in Bengaluru and RMZ Spire in Hyderabad.“WeWork India’s continued expansion with ManyataRedwood and RMZ Spire exemplifies its reliability as a brand and it is a strong reflection of its relationships with all stakeholders including landlords, IPCs (international property consultants) and members,” the company said in a statement on Thursday.
The new buildings will collectively add over 4,000 desks spread across 2,72,000 square feet to its existing portfolio across 50 locations in seven cities with more than 6.5 million sq. ft of assets. WeWork already has some offices spaces in Bengaluru’s Manyata Redwood and the addition will be an extension to its portfolio in the city. Arnav S Gusain, head of real estate, product and procurement at WeWork India said that with more employees across organisations coming back to offices, there has been a surge in demand for flexible workspaces across India.
Last week, WeWork which was once a high-flying startup with a valuation of $47 billion at its peak filed for bankruptcy. The company said that WeWork’s locations outside of the US and Canada are not part of the bankruptcy process and accordingly its franchisees around the world are not affected by these proceedings. WeWork has a 27% shareholding in WeWork India. Trouble at WeWork unfolded following a failed attempt at going public in 2019 and the pandemic which crippled businesses operating in the shared office spaces market.
WeWork India claims that it has been profitable since 2021 and its revenues grew by 40% since last year to touch Rs 400 crore during the June quarter.
The new buildings will collectively add over 4,000 desks spread across 2,72,000 square feet to its existing portfolio across 50 locations in seven cities with more than 6.5 million sq. ft of assets. WeWork already has some offices spaces in Bengaluru’s Manyata Redwood and the addition will be an extension to its portfolio in the city. Arnav S Gusain, head of real estate, product and procurement at WeWork India said that with more employees across organisations coming back to offices, there has been a surge in demand for flexible workspaces across India.
Last week, WeWork which was once a high-flying startup with a valuation of $47 billion at its peak filed for bankruptcy. The company said that WeWork’s locations outside of the US and Canada are not part of the bankruptcy process and accordingly its franchisees around the world are not affected by these proceedings. WeWork has a 27% shareholding in WeWork India. Trouble at WeWork unfolded following a failed attempt at going public in 2019 and the pandemic which crippled businesses operating in the shared office spaces market.
WeWork India claims that it has been profitable since 2021 and its revenues grew by 40% since last year to touch Rs 400 crore during the June quarter.
Denial of responsibility! News Continue is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.