WeWork India is close to sign an office deal with Commonwealth Bank of Australia, an Australian multinational bank with businesses across New Zealand, Asia, the US and the UK. According to the report by Economic Times (ET), WeWork may close deal of 2400 seats office at WeWork’s Manyata tech park facility in Bengaluru.
The office-space, which has a 4 years lock-in period, will be fully fitted by WeWork, said the ET report citing three people aware of the deal.
Commonwealth Bank was the first Australian bank to open a branch in Mumbai when it started its operations in August 2010, in partnership with Tata Consultancy Services, BaNCS platform, to provide trade finance, remittance and foreign exchange services attracted by the high potential for trade between Australia and India.
According to ET, WeWork India, which is a fully-owned subsidiary of Embassy Group, plans to raise $200 million (about Rs 1,421 crore) to expand its India operations. The company currently has 40,000 members and 57,000 desks in 34 locations.
Earlier this month it was reported that WeWork India will lay off around 20% of its total 500 employees with effect from June to cut its operational costs after its business hit by the coronavirus outbreak.
In February this year, WeWork partnered with upGrad, India’s leading online higher education company, to introduce industry-relevant programs and higher learning to the workplace, with an objective of enhancing member experiences and advancing their professional journeys