WeWork India, owned by the Embassy Group raised $100 million from WeWork Global and is hopeful of the sustainable growth that the business would see.With this round of funding, US-based WeWork Global has reassured that it is truly committed towards the Indian market.
“WeWork India — the global platform that carry collaborative workplace solutions, will receive $100 million funding from WeWork Global to help boost sustainable growth,” the co-working player said. Karan Virwani, CEO, WeWork India pointed out that the flexible workspace industry in India and around the world is facing its biggest challenge yet.”In that, we see a new opportunity that suits our members’ evolving needs. This is driven by an acceleration towards variable real estate costs, the confidence of safe and well-managed workspaces for their employees, and the growth opportunities that are intrinsic to the WeWork community,” he added.
The coronavirus pandemic has speeded up the shift to flexible workspaces, with businesses of all sizes looking to manage cash flows effectively by moving costs to a variable model.”Space as a service is a huge opportunity for them to free up cash, and WeWork has the right foundations and experience to provide safe, flexible workspaces,” it added.The company further said it is already profitable and plays an important role in the global scheme of business for WeWork.
Sandeep Mathrani, CEO of WeWork, said, “WeWork is excited to be providing financial assistance to transform the workspace environment in India.””WeWork India’s financial performance has shown consistent growth, and with the fundamentals in place at a building level backed by the expertise of the Embassy Group, we believe the WeWork India business has the ability to be our growth vehicle and provide our members an exceptional experience,” Mathrani said. In India it offers seats in the range of ₹5,000-40,000 per desk per month.Embassy Group based in Bengaluru holds 100% rights over WeWork India, is a big player in the commercial real estate market in India. Co-working players take office space on lease from real estate developers and then sublease these to the corporates, startups etc.
