WeWork India

Co-working major WeWork India on Monday announced the appointment of Jitendra Mohandas Virwani as Non-Executive Chairman of the company while Karan Virwani will now be Managing Director and CEO. In WeWork India, realty firm Embassy Group holds a 73 per cent stake, while WeWork Global has a 27 per cent shareholding. WeWork Global, which is a leading provider of flexible workspace, had in June 2021 invested USD 100 million in WeWork India. In a statement, the Bengaluru-based company said it has made key changes to its board of directors. "Jitendra Mohandas Virwani, Chairman and Managing Director of Embassy Group, steps into the role of Non-Executive Chairman, lending his industry insight to further strengthen WeWork India's growth strategy," it said. Karan Virwani has now taken on the expanded role of Managing Director & CEO. Mahua Acharya and Anupa Rajiv Sahney have joined as Independent Directors. Mahua, who has experience in electric mobility and climate finance, most recently

The sale, which involved WeWork Inc, affected by bankruptcy, and its local partner Embassy Group, was set to include a 13 per cent stake sale by Embassy Group in WeWork India

Users will be able to book these products from either of the platforms, myHQ or WeWork; the myHQ product journey will take over at the time of purchase

Flexible workspace solutions provider WeWork India made its foray into the Chennai office space market with the launch of 'Olympia Cyberspace' facility in the city. Equipped with over 2,000 desks spread across 1.30 lakh sq ft land in Guindy, the company has expanded its presence in Chennai after New Delhi, Gurugram, Noida, Mumbai, Bengaluru, Pune and Hyderabad. Chennai has emerged as a thriving business landscape across entrepreneurs, enterprises as well as Global Capability centres. There is a strong demand being witnessed from various industries including manufacturing, information technology, Information Technology enabled Services among others. With the opening of Olympia Cyberspace, WeWork India aims to provide innovative and collaborative work environment to meet the rising demand for flexible workspace solutions. "WeWork Olympia Cyberspace marks a pivotal moment in our expansion across South India. This strategic entry underscores the immense potential of Chennai's talent po

Co-working firm WeWork Global, which has filed for bankruptcy in the US, is in talks with potential investors to sell its entire 27 per cent stake in WeWork India to monetise its investments, sources said. Bengaluru-based real estate firm Embassy Group, which holds the remaining 73 per cent stake in WeWork India, might also dilute some shareholdings to raise funds, they added. WeWork India, which started operations in 2017, has over 8 million square feet of assets signed across 54 locations in New Delhi, Bengaluru, Mumbai, Gurugram, Noida, Pune, and Hyderabad. WeWork India had posted a turnover of Rs 1,400 crore during the 2022-23 fiscal year. In June 2021, WeWork Global invested USD 100 million in WeWork India to pick a 27 per cent stake. The investments helped Indian business to tide over the financial difficulties during the COVID pandemic, which had severely affected the office market. When contacted, WeWork India CEO Karan Virwani declined to comment. Sources said, WeWork In

Adam Neumann had submitted a bid of more than $500 million to buy back WeWork, Reuters reported last month citing a person familiar with the matter

Coworking major WeWork India on Tuesday said it has entered Chennai market and has taken on lease 1.3 lakh square feet of office space in Chennai to open a new centre with a capacity of 2,000 desks. In a statement, Bengaluru-based WeWork India said, it has taken on lease over 1,30,000 square feet of office space in the commercial building 'Olympia Cyberspace' developed by Olympia Group. The new centre, having a total capacity of more than 2,000 desks, will be operational in June. Karan Virwani, CEO, WeWork India, said the company will be opening its first flexible workspace in Chennai, a city known for its vibrant culture, urban population, and rapidly growing business ecosystem. "We are witnessing a continued surge in demand for flexible workspaces across India," he added. As organisations rapidly return to work from offices, Virwani said there is a growing need for flexible and customisable workspaces that can facilitate hybrid or full-time work models. "With a strong pipeline

Companies in the BFSI, media, and consulting sectors have returned to office almost fully, said Karan Virwani

While WeWork struggles, Indian firm's valuation has shot up

Meanwhile WeWork India, backed by Embassy Group, has maintained that it operates independently of WeWork Global, and its operations will not be affected in any manner

Co-working space provider WeWork Inc. wishes to move forward with filing a bankruptcy sometime in the next week, as reported by The Wall Street Journal

Amid reports that US-based WeWork Global plans to file for bankruptcy soon, coworking major WeWork India on Wednesday asserted this will have no impact on its business, saying the Indian business is backed by realty firm Embassy Group and has achieved consistent growth. In WeWork India, Embassy Group holds a 73 per cent stake, while WeWork Global has a 27 per cent shareholding. WeWork Global, which is a leading provider of flexible workspace, in June 2021 invested USD 100 million in WeWork India. There are reports that Softbank-backed WeWork Global is planning to file for bankruptcy. A few months ago, US-based WeWork Global made a statement that "substantial doubt" exists about the company's ability to continue as a going concern. In a statement on Wednesday, WeWork India CEO Karan Virwani said, "WeWork India is a separate entity from WeWork Global. The recent news around the potential bankruptcy and Chapter 11 filing in the US will have no impact on the members and stakeholders in

Coworking major WeWork India on Wednesday said its business will have no impact from the development in US-based WeWork Global, which has said "substantial doubt" exists about the company's ability to continue as a going concern. In WeWork India, Bengaluru-based real estate firm Embassy Group hold a 73 per cent stake, while WeWork Global has a 27 per cent shareholding. In June 2021, WeWork Global, which is a leading provider of flexible workspace, invested USD 100 million (about Rs 750 crore) in WeWork India. While announcing its quarterly result, WeWork said, "...as a result of the company's losses and projected cash needs, combined with increased member churn and current liquidity levels, substantial doubt exists about the company's ability to continue as a going concern". WeWork Global has reported a net loss of USD 696 million in the first half of this year. Reacting to the WeWork Global warning, WeWork India CEO Karan Virwani in a statement said, "Since inception, WeWork India

Flexible workspace provider WeWork India announced appointment of Manoj Kohli, former Country Head of Softbank India, Softbank Group International, as an independent Director to its Board

Co-working major WeWork India on Thursday announced that its employees are eligible to surrender up to 25 per cent of vested stock options. "WeWork India is conducting its first-ever ESOP surrender exercise, offering employees the opportunity to make the most of their vested stock options," the company said in a statement. "As a token of gratitude for the employees' commitment, efforts and faith in the company, team members associated with the company will be eligible to surrender up to 25 per cent of vested stock options," it added. Karan Virwani, Chief Executive Officer, WeWork India said, the ESOP surrender is yet another step towards wealth creation and empowering people. Over the last six years, WeWork India has expanded to six cities across 45 locations with a member base of over 62,000. WeWork India is one of the leading office space providers, aimed at creating flexible workspace solutions for companies of all sizes.

Coworking major WeWork India has started a new centre in Pune with 1,500 desks and 96,000 square feet area amid rising demand for flexible office space from corporates. The new facility is located at Raheja Woods IT Tower developed by K Raheja Corp. "This is an asset-light deal, and the company has leased the entire building comprising five floors in this Kalyani Nagar property, spread across a deskspace of 1,500," WeWork said in a statement. This is the company's third facility in Pune. Arnav S Gusain, Chief Supply Officer, WeWork India, said, "Pune has offered quality real estate over the years, leading to its emergence as one of the strongest and ideal cities for companies to set up their offices. Spaces such as WeWork India allow companies to plug-and-play within their budget instead of wrestling with office layouts and fit-outs". The company would continue expanding its footprint further, he added. WeWork India has a portfolio of over 6.5 million square feet area across 44 .

The company said it will use fresh funds for future growth and potential consolidation opportunities

TMS Ep331: FPIs, Karan Virwani, fertiliser stocks, Santa Claus rally

Why have FPIs turned negative on India? Why does WeWork India CEO think his firm is just scratching the surface? Will urea subsidy boost fertiliser stocks? What is a Santa Claus rally? Answers here

Why does WeWork India CEO think his firm is just scratching the surface?

Co-working giant WeWork is striving to gain a foothold in big Indian cities. Business Standard's Surajeet Das Gupta caught up with Karan Virwani, founder and CEO of WeWork, India, to know more

Co-working space company 'would love' to go public but has not decided about that yet: Karan Virwani