Wework Cowrks

Co-working firm WeWork in talks to sell entire 27% stake in India unit

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

Co-founder Adam Neumann bids over $500 million to buy back WeWork

It's not clear how Neumann is planning to line up financing for his bid

WeWork India enters Chennai to launch 2,000-seater coworking centre in June

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

No impact on Indian biz amid WeWork Global's bankruptcy reports: Official

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

WeWork India eyes 33% revenue growth in CY22 at Rs 1,000 cr on demand spike

Coworking major WeWork India is expecting 33 per cent growth in revenue during this calendar year at around Rs 1,000 crore, on the back of rising demand for flexible workspaces. In an interview with PTI, WeWork India Chief Executive Officer (CEO) Karan Virwani highlighted that the company has become profitable for the first time during January-March 2022, with a profit of Rs 25 crore at EBITDA (earnings before interest, taxes, depreciation, and amortization) level. "Our revenue was Rs 250 crore during the first quarter of this calendar year. We expect Rs 1,000 crore revenue in 2022 calendar year," he said. Profit is estimated at over Rs 100 crore (EBITDA). Virwani said the company had posted a revenue of Rs 750 crore in the 2021 calendar year. On the operational front, WeWork India has leased 1 million square feet in the first quarter. The current occupancy rate is 80 per cent. "Our portfolio was 4.5 million square feet in 2021, which has increased to 5 million square feet curren

Brookfield in talks to buy RMZ's co-working solution provider CoWrks

Brookfield will reportedly acquire some assets of RMZ in Bengaluru, Chennai, Mumbai and other cities, added sources

Co-working companies lag in attracting multinationals, says Anarock

Companies refute claim, say they have a sizeable number of clients

Coworking centre operators likely to double or treble in 2 years: Anarock

In the coworking space, top seven operators - Cowrks, WeWork India, Awfis, Regus, Smartworks, 91springboard and OYO Workspaces - have more than 350 centres across cities in the country

As WeWork tries to repair its business, there's a lot of space to fill

Firm to sell assets, including event-organising app Meetup and investment in the Wing

WeWork and CoWrks jostling for co-working provider space in metros

In the past six months, CoWrks had acquired 700,000 sq ft and launched seven centres across Bengaluru, Mumbai, the NCR and Chennai