Wework In India

WeWork India raises Rs 500 cr via rights issue to cut debt, drive growth

Coworking major WeWork India on Monday said it has raised Rs 500 crore through rights issue mainly to reduce debt and achieve further growth. In WeWork India, which is unlisted, 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, Bengaluru-based WeWork India said it has "successfully raised Rs 500 crore via a rights issue." Embassy Group and WeWork Global have invested Rs 500 crore. The funds will be utilised for the repayment of the debt, strengthening the company's pathway to being debt-free, and reducing the cost of capital, it added. Commenting on the fundraise, Karan Virwani, Managing Director & CEO of WeWork India, said, "Over the past eight years, we have been focused on long-term, sustainable growth. With the recent successful completion of our rights issue, we are on the path to

WeWork India strengthens footprint in Bengaluru, Pune, adds over 175k sq ft

With over 20 operational buildings in Bengaluru, the new addition is in Embassy Manyata Business Park

WeWork India appoints Virwani as non-exec chairman, Karan to be MD, CEO

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

WeWork's exit from India unit unlikely to impact domestic co-working market

Industry executives believe investors are bullish on this sector in India and their interest has increased after the successful IPO of Awfis Space Solutions

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

WeWork India adds 2 buildings with over 4K desks in Bengaluru, Hyderabad

Earlier this month, WeWork Inc., the parent company, filed for bankruptcy under Chapter 11 of the US Code in New Jersey

Co-working major WeWork India raises Rs 550 crore from BPEA Credit

Co-working major WeWork India on Monday said it has raised Rs 550 crore from funds managed by BPEA Credit for future growth and acquisition opportunities as it seeks to tap rising demand for flexible spaces. In 2017, WeWork Global had partnered with Bengaluru-based real estate firm Embassy Group to enter the Indian market. At present, WeWork India has a portfolio of around 70,000 desks spread over 6 million square feet area in 41 centres across six cities -- Bengaluru, Mumbai, Gurugram, Noida, Hyderabad, and Pune. The amount will be used for future growth and potential consolidation opportunities, WeWork India said. In 2020, WeWork India raised Rs 750 crore from WeWork Global, which the company said played an instrumental role in stabilising the business during the pandemic. WeWork Global has around 27 per cent stake in WeWork India. "Flexibility is paramount in today's workforce and the investment by BPEA Credit stands testament to the massive growth opportunity for flex workspac

WeWork India bolsters leadership team as country reopens

Curated shared workspace provider WeWork India on Monday announced key strategic appointments to the leadership team in the country

WeWork co-founder Adam Neumann nears settlement with SoftBank: Report

The settlement would put to rest a prolonged legal battle between Neumann and Softbank, which dates back to 2019 when WeWork's IPO plans fell apart

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

SoftBank takes control of WeWork as part of bailout, Neumann to leave board

The deal would value WeWork's parent company at about $8 bn

Softbank bets on former Sprint boss Marcelo Claure to fix WeWork

Masayoshi Son, the head of SoftBank, has asked the former CEO of Sprint to take a more hands-on role helping oversee a cleanup of the office-rental company from his position at SoftBank

US-based WeWork plans co-working spaces at just Rs 5000/month in Mumbai

Wework is also, according to people with knowledge of the matter, looking to launch such economical desks in Delhi and other cities

WeWork to expand in India, leases 1.22 lakh sq ft of office space in Pune

This new centre in Pune, expected to be launched early next month, will have a capacity of over 2,000 seats, sources added

WeWork considering $1.9 billion deal for control of India unit

Adding India to its asset portfolio may benefit WeWork as it preps for its initial public offering

WeWork has much to gain if it buys majority stake in India unit: Experts

Share of co-working sector in total office leasing has more than doubled to nearly 10% in 2018 from 4% a year ago

WeWork now ready to manage workspace for large companies in India

WeWork India - is a joint venture between the US-based co-working giant and Bengaluru-based Embassy Group

WeWork India to offer data analytics services to accelerate growth

WeWork, which has a joint venture with Bengaluru-based property developer Embassy group for the local unit, is in talks with a few large companies to offer both the services