WeWork India Expands Bengaluru and Pune Footprint with 2.25 Lakh Sq. Ft. and 4,500+ Desks at Infinix Palladium and Millennium Towers

• Opens WeWork Infinix Palladium in Whitefield, Bengaluru, and WeWork Millennium Towers in Wakad, Pune
• Strengthens presence across two high-growth commercial corridors as businesses increasingly prioritise proximity to talent, transit and everyday amenities

WeWork India Management Limited, the industry leader in the premium flexible workspace sector, today announced the opening of two new centres across Bengaluru and Pune - WeWork Infinix Palladium in Whitefield and WeWork Millennium Towers in Wakad. Together, the two centres add ~2.25 lakh sq. ft. and 4,500+ desks to the company’s portfolio, strengthening its presence in two of India’s key office markets.

The expansion reflects a broader shift in how businesses evaluate workplace locations. As cities expand and employment hubs become more distributed, the value of an office is increasingly shaped by what surrounds it - proximity to talent and residential catchments, access to mass transit and major arterial routes, and a strong ecosystem of retail, dining and everyday amenities. This is giving rise to more self-sustained commercial corridors, where employees can increasingly access work and everyday conveniences within a smaller radius. Whitefield and Wakad reflect this evolution in different ways, with the two new centres built around distinct propositions - enterprise scale in Whitefield and an integrated work-life experience in Wakad.

In Bengaluru – WeWork Infinix Palladium

In Bengaluru, WeWork Infinix Palladium strengthens the company’s presence in Whitefield, one of the city's largest and most established office markets. Whitefield has evolved beyond a technology corridor into a self-sustained business district, with established commercial clusters across ITPL, EPIP, Hoodi and Brookefield, supported by a significant residential catchment and a growing mix of retail, hospitality and social infrastructure. Located a four-minute walk from Singayyanapalya Metro Station, WeWork Infinix Palladium is a standalone, full-building workspace built for enterprise scale. Spread across the ground to sixth floor, along with a terrace, the centre spans ~1.7 lakh sq. ft. and offers 3,100+ desks, giving larger teams the ability to consolidate and grow within a single asset. The opening builds on WeWork India’s presence in Bengaluru, where it has 30 centres spanning 3.3 million sq. ft. and 51,700 desks as of Q1 FY27.

Arnav S. Gusain, Chief Supply Officer, WeWork India and CEO, Rivet by WeWork India, said, “The definition of a prime business location is changing. As cities become more distributed, businesses are looking beyond the office building itself at how easily employees can move between where they live, work and spend their time. This is making well-connected, self-sustained commercial corridors increasingly important to workplace strategy. Whitefield and Wakad represent this shift in different ways - Whitefield brings the scale and enterprise ecosystem required for sustained growth, while Wakad combines proximity to a major employment hub with a strong residential and lifestyle ecosystem. Our expansion in these markets is about placing workplaces closer to where business growth and talent are converging, while creating environments that can evolve with both.”

In Pune – WeWork Millennium Towers

WeWork Millennium Towers marks the company’s expansion into Wakad, a key West Pune micro-market strategically located between the Hinjewadi employment hub and the Mumbai-Pune Expressway. With a strong residential base and established social infrastructure spanning schools, healthcare, retail and recreation, Wakad brings businesses closer to a significant professional catchment while remaining connected to one of Pune’s largest technology hubs, creating a more integrated ecosystem around where employees work and live. Located across the 16th and 17th floors, WeWork Millennium Towers spans ~55000 sq. ft. and offers ~1400 desks, with access to a wider ecosystem of retail, dining and recreational amenities. WeWork India also has a significantly larger footprint within the same asset, having already leased close to 1.8 lakh sq. ft. to enterprise clients through its Managed Office offering, underscoring the depth of enterprise demand in the micro-market. The building is LEED Platinum certified, with sustainability features including solar power, smart building management systems, rainwater harvesting, zero-waste management and provision for green power. The opening further expands WeWork India’s Pune portfolio, which stood at eight centres spanning 0.8 million sq. ft. and 14,400 desks as of Q1 FY27.

Workplace Experience

Both centres are designed to support enterprises, GCCs and growing businesses with workspaces that combine productivity, collaboration and employee wellbeing. Alongside private offices, meeting rooms and technology-enabled facilities, members have access to wellness, F&B and recreational amenities. Infinix Palladium features a recovery room, gym and game zone, while Millennium Towers extends the experience beyond the workspace through the tech park’s wider lifestyle ecosystem, including sports and recreation facilities, a crèche, event spaces, cafés and 75+ dining experiences. Together, these elements support how employees work, connect and recharge through the day.

WeWork India Presence

With a strong presence across eight cities, WeWork India continues to deepen its footprint in key commercial hubs, enabling organisations to scale with agility while accessing premium, well-connected workspaces. WeWork India is currently operational across 8 cities, with over 1.33 lakh desks, with robust relationships across key stakeholders such as landlords, IPCs, and members. With solutions for all kinds of businesses - solopreneurs to startups to Fortune 500 companies - WeWork India offers the perfect workspace solutions that deliver a premium experience 

About WeWork India

Launched in 2017, WeWork India Management Limited is India’s leading premium flexible workspace operator and has been the largest operator by total revenue for the past three fiscal years. The Company operates 79 centres across 9.1 million sq. ft. in eight cities - Bengaluru, Mumbai, Gurugram, Pune, Hyderabad, Chennai, Noida and New Delhi - serving over 113,000 members across Fortune 500 companies, global capability centres (GCCs), enterprises and startups. WeWork India was listed on the NSE and BSE in FY26

WeWork India Launches Member Services, Giving Startups Enterprise‑Grade Support Beyond the Workspace

• Bringing enterprise-grade business services to every business through one platform and a curated network of WeWork India-vetted partners. 
• Turns every WeWork India membership into a one-stop shop for the business services that exist beyond the desk

WeWork India Management Limited, the industry leader in the flexible workspace sector, today announced the launch of Member Services, a first-of-its-kind platform that redefines the value of flexible workspaces by giving businesses enterprise-grade advantages and access to a curated network of trusted service partners beyond the workplace. Available exclusively to WeWork India members, Member Services brings together a comprehensive suite of business solutions spanning administration and technology, human resources, finance and legal, sustainability and governance, and marketing, enabling businesses to access the support they need to grow - all through a single platform.

With Member Services, WeWork India is offering its members, especially startups & SMBs, a single, integrated gateway to enterprise-grade services. The launch reflects WeWork India’s continued commitment to creating greater value for its members by simplifying access to services that organisations rely on every day. Member Services is built on a simple but consequential premise: the value of a workspace should not end at its four walls. As businesses scale, they increasingly depend on multiple partners across functions such as hiring, employee wellbeing, compliance, transportation, tech infrastructure, and more. However, identifying, evaluating, and managing these relationships often remains fragmented and resource-intensive. Member Services addresses this challenge by bringing trusted partners onto a single platform. Instead of navigating multiple vendors independently, businesses can discover, evaluate and engage high-quality service providers through a trusted network designed to simplify operations and support growth.

Member Services spans five core categories of business need, starting with:

• Admin & IT - network-as-a-service, F&B, employee transportation service, IT hardware rentals & purchases, corporate merchandise
• HR - EOR staffing, employee wellness programmes, L&D, LMS platforms, HRMS solutions, relocation services, early and mid-career hiring, executive hiring, and insurance

Over the next few quarters, the categories will expand to include:

• Finance & Legal - legal retainer services, GST filing and accounting, compliance auditing, payroll compliance and processing, and IP registration and trademark filing
• Sustainability & Governance - ESG reporting and advisory, ISO certifications, carbon footprint assessments, DPDP Act readiness, labour code compliance, and waste management and recycling. 
• Marketing - digital marketing and SEO, public relations, and market research and consumer insights

For years, the conversation around workspace was about square footage and amenities. That conversation is now outdated, said Karan Virwani, Managing Director & CEO, WeWork India. Today, businesses are looking for far more than physical infrastructure; they are looking for a platform that can help them navigate complexity, operate efficiently, and scale with confidence. Over the years, we have observed a common challenge: while access to workspace has become simpler, access to the broader range of services required to run and grow a business remains highly fragmented. Member Services is our answer to that - a first-of-its-kind enterprise-grade business backbone made available to a ten-person startup with the same ease as a thousand-person enterprise.

Every partner within the Member Services platform is evaluated against defined service standards, enabling members to access trusted, high-quality solutions while reducing the complexity of vendor discovery and management. At launch, Member Services brings together partners across several critical business functions, including:

• VTT Mobility - 
• Leading enterprise mobility solutions provider - delivers technology-enabled transportation services across 55+ cities through a network of over 4,500 verified vehicles.
• 24×7 Integrated Command Centre equipped with live trip monitoring, SOS support, and centralized operational oversight.
• Serving startups, SMEs, and Fortune 500 enterprises, VTT Mobility offers scalable transportation solutions ranging from on-demand single rides to large-scale fleet deployments of over 100+ vehicles.
• Backed by robust safety and compliance standards, technology-driven operations, and real-time visibility.
• Offineeds -
• ISO 9001 and 27001 certified, GDPR compliant 100% eco-friendly corporate merchandise provider.
• Saved 50,000+ kg of plastic saved from landfills.
• Offering up to 15% discounts, complimentary logo branding, and free shipping across select locations.
• 1to1help -
• Over 25+ years in employee wellbeing, 1.2 million counselling sessions, 1,000+ organisations, 11 million lives covered, 500+ counsellors across 13+ languages, and 97% user satisfaction.
• Offering members up to 15% preferential pricing, exclusive leadership sessions and roundtables for founders and CXOs, and priority access to wellbeing products, services, and tools on the 1to1help platform.
• Welocity.ai - 
• A native AI platform that eliminates the first round entirely. 
• Conducts structured video interviews at scale and surfacing hiring-ready talent to members with deep assessment within hours.
• Members can gain direct access to a touchless AI talent delivery platform.
• Lagrange Point - Specialist executive search firm focused on leadership hiring, delivering bespoke, homegrown talent solutions to organizations across global markets. With successful leadership mandates across multiple industries - a trusted partner to leading VC funds, growth-stage companies, and multinational corporations for senior executive and board-level hiring.

Commenting on the partnership, the partners said - Shruthi M J, Director – Operations, VTT Mobility Pvt. Ltd., said: “WeWork India brings together one of the country’s most dynamic communities of startups, SMBs, and enterprises, making it an ideal platform to deliver high-quality mobility services at scale. We are delighted to partner with WeWork India to provide seamless, technology-enabled transportation solutions to its diverse member community. At VTT Mobility, we believe mobility is a strategic business enabler that can enhance employee experience, improve operational efficiency, and support productivity. This collaboration reflects our shared commitment to delivering safe, reliable, and efficient transportation services for businesses of all sizes. We look forward to supporting WeWork India’s members with scalable and customer-centric mobility solutions that evolve alongside their business needs and contribute to their continued growth.”

Srikanth Acharya, CEO, Offineeds, added, “We're excited to partner with WeWork India to bring curated merchandise solutions to a vibrant community of startups, SMEs and enterprises. By combining our expertise with WeWork India's member community, we aim to simplify branding needs while delivering quality, speed and exclusive value to businesses at every stage of growth."

Mahua Bisht, CEO, 1to1help, said: “The companies that get wellbeing right don't wait for a crisis to think about it — and they don't accept support that works in one office and falls apart in the next. WeWork India's Member Services platform lets us bring consistent, clinically-grounded evidence-based mental health support to businesses at every stage, from founding teams to global capability centres — so that clinically rigorous mental health is built in from the start, and delivered by people who understand the context its landing in.”

Sunil Bist, Co-founder & CEO, Welocity.ai, said: “We're excited to partner with WeWork India because it has built far more than a workplace network, it has built a thriving business community. Through Member Services, we're enabling members to access enterprise-grade AI hiring capabilities that help them build exceptional teams quickly, efficiently and at scale. Backed by NetConnect Global's three decades of technology and talent expertise and trusted by global enterprise clients, Welocity brings enterprise-grade hiring infrastructure to WeWork India's member community with zero upfront cost, and payment only upon a successful hire.”

Nikhil Jaiswal, Managing Partner, Lagrange Point said: “The right leadership can fundamentally change the trajectory of a business, but executive search has traditionally been less accessible for growing organisations. Partnering with WeWork India allows us to bridge that gap by bringing specialised leadership hiring and advisory services closer to its members, enabling them to build leadership teams with confidence as they scale.”

The launch of Member Services marks a new chapter in WeWork India’s member value proposition, reinforcing its focus on building a more connected and comprehensive platform that supports businesses beyond the workplace and across their broader operational journey. WeWork India is currently operational across 8 cities, with over 110,000 members, and robust relationships across key stakeholders such as landlords, IPCs, and members.

About WeWork India

Launched in 2017, WeWork India Management Limited is India’s leading premium flexible workspace operator and has been the largest operator by total revenue for the past three fiscal years. The Company operates 76 centres across 8.6 million sq ft in 8 cities - Bengaluru, Mumbai, Gurugram, Pune, Hyderabad, Chennai, Noida and New Delhi - serving over 110,000 members across Fortune 500 companies, global capability centres, enterprises and startups. WeWork India was listed on the NSE and BSE in FY26.

WeWork India to Launch ₹615–₹648 IPO on October 3; OFS Totals Over 46 Million Shares

Mr. Vinayak Prarameswaran, Chief Investment Officer, Mr. Karan Virwani, MD & CEO & Mr. Clifford Lobo, Chief Financial Officer, WeWork India Management at the WeWork India IPO conference.

• Anchor Investor Bidding Date – Wednesday, October 01, 2025
• Bid /Offer Opening Date – Friday, October 03, 2025, and Bid/ Offer Closing Date –Tuesday, October 07, 2025
• Bids can be made for a minimum of 23 Equity Shares and in multiples of 23 Equity Shares thereafter
• Red Herring Prospectus (“RHP”) link: https://wework.co.in/investors-relations/Red%20Herring%20Prospectus.pdf

WeWork India Management Limited (the “Company”) proposes to open an initial public offering (“Offer”) of its equity shares of face value of ₹10 each (“Equity Shares”) on Friday, October 03, 2025. The Anchor Investor Bidding Date is one Working Day prior to Bid/Offer Opening Date, being Wednesday, October 01, 2025. The Bid/ Offer Closing Date is Tuesday, October 07, 2025.

The Price Band of the Offer has been fixed from ₹ 615 per Equity Share of face value ₹10 each to ₹ 648 per Equity Share of face value ₹10 each. Bids can be made for a minimum of 23 Equity Shares of face value ₹10 each and multiples of 23 Equity Shares of face value ₹10 each thereafter.

The company’s initial public offering comprises an Offer for Sale (“OFS”) of equity shares of up to 46,296,296 equity shares. The offer for sale comprises up to 35,402,790 equity shares by Embassy Buildcon LLP (“Promoter Selling Shareholder”), and up to 10,893,506 equity shares by 1 Ariel Way Tenant Limited (“Investor Selling Shareholder”).

Mr. Karan Virwani, MD & CEO, WeWork India Management addressing the audience at WeWork India Management’s Initial Public Offering

The Offer is being made in terms of Rule 19(2)(b) of the SCRR read with Regulation 31 of the SEBI ICDR Regulations. The Offer is being made through the Book Building Process, in compliance with Regulation 6(2) of the SEBI ICDR Regulations, wherein at least 75% of the Net Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”) (the “QIB Portion”), provided that our Company in consultation with the Book Running Lead Managers, may allocate up to 60% of the QIB Portion to Anchor Investors, on a discretionary basis (the “Anchor Investor Portion”), of which one-third shall be reserved for domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the price at which Equity Shares are allocated to Anchor Investors. In the event of under-subscription or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the QIB Portion (excluding the Anchor Investor Portion) (“Net QIB Portion”).

Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIBs, including Mutual Funds, subject to valid Bids being received at or above the Offer Price. However, if the aggregate demand from Mutual Funds is less than 5% of the Net QIB Portion, the balance Equity Shares available for allocation in the Mutual Fund Portion will be added to the remaining Net QIB Portion for proportionate allocation to QIB. If at least 75% of the Offer cannot be Allotted to QIBs, then the entire application money will be refunded forthwith. Further, not more than 15% of the Net Offer shall be available for allocation to non-institutional investors (“Non-Institutional Investors” or “NIIs”) (the “Non-Institutional Portion”) of which one-third of the Non-Institutional Portion shall be available for allocation to Bidders with an application size of more than ₹200,000 and up to ₹1,000,000 and two-thirds of the Non-Institutional Portion shall be available for allocation to Bidders with an application size of more than ₹1,000,000 and under-subscription in either of these two sub-categories of Non-Institutional Portion may be allocated to Bidders in the other sub-category of Non-Institutional Portion in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price. The allocation to each Non-Institutional Investor shall not be less than the minimum application size, subject to availability of Equity Shares in the Non-Institutional Portion and the remaining available Equity Shares, if any, shall be allocated on a proportionate basis in accordance with the conditions specified in this regard in Schedule XIII of the SEBI ICDR Regulations.

Ms. Neha Agarwal, Managing Director & Head, Equity Capital Markets, JM Financial, Mr. Vinayak Prarameswaran, Chief Investment Officer, Mr. Karan Virwani, MD & CEO, Mr. Clifford Lobo, Chief Financial Officer, WeWork India Management & Mr. Gautam Benjamin (Business Head – Digital and Technology) at their press conference to announce their Initial Public Offering.

Further, not more than 10% of the Net Offer shall be available for allocation to retail individual investors (“Retail Individual Investors” or “RIIs”) (the “Retail Portion”) in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price.

Further, Equity Shares will be allocated on a proportionate basis to Eligible Employees applying under the Employee Reservation Portion, subject to valid Bids being received from them at or above the Offer Price (net of Employee Discount, if any, as applicable). All Bidders (other than Anchor Investors) shall mandatorily participate in this Offer through the Application Supported by Block Amount (“ASBA”) process and shall provide details of their respective bank account (including UPI ID for UPI Bidders) in which the Bid Amount will be blocked by the SCSBs or the Sponsor Bank(s), as the case may be, to the extent of their respective Bid Amounts. Anchor Investors are not permitted to participate in the Offer through the ASBA process.

The Equity Shares of the Company are proposed to be listed on BSE Limited (“BSE") and the National Stock Exchange of India Limited (“NSE”) (BSE and NSE together, the “Stock Exchanges”).

JM Financial Limited, ICICI Securities Limited, Jefferies India Private Limited, Kotak Mahindra Capital Company Limited, and 360 ONE WAM Limited are the Book Running Lead Managers (“BRLMs”) to the issue.

All capitalised terms not defined herein would have the same meaning as attributed to them in the RHP.

Disclaimer: WeWork India Management Limited (the “Company”) is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its equity shares and has filed the red herring prospectus dated September 27, 2025 (“RHP”) with the Registrar of Companies, Karnataka at Bengaluru. The RHP is available on the website of our Company, at https://wework.co.in , SEBI at www.sebi.gov.in as well as on the websites of the book running lead managers, JM Financial Limited, ICICI Securities Limited, Jefferies India Private Limited, Kotak Mahindra Capital Company Limited and 360 ONE WAM Limited at www.jmfl.com, www.icicisecurities.com, www.jefferies.com, https://investmentbank.kotak.com, and www.360.one, respectively, and the websites of the stock exchanges at www.nseindia.com and www.bseindia.com, respectively. Any potential investor should note that investment in equity shares involves a high degree of risk and for details relating to such risk, see the RHP, including the section titled “Risk Factors” of the RHP. Potential investors should not rely on the DRHP filed with SEBI for making any investment decision.

The Equity Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any other applicable law of the United States and, unless so registered, may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. Accordingly, the Equity Shares are being offered and sold (a) in the United States only to persons reasonably believed to be (as defined in Rule 144A under the U.S. Securities Act and referred to in the RHP as “U.S. QIBs”), in transactions exempt or not subject to the registration requirements of the U.S. Securities Act, and (b) outside of the United States in offshore transactions as defined in and in compliance with under the U.S. Securities Act Regulation S and the applicable laws of the jurisdiction where those offers and sales occur. There will be no public offering in the United States.

WeWork India Appoints ex-SoftBank Country Head Manoj Kohli as an Independent Board Director

WeWork India, the country’s leading flexible workspace provider, today announced the appointment of Manoj Kohli, Former Country Head - Softbank India, Softbank Group International, as an independent Director to its Board. Anthony Yazbeck, President & Chief Operating Officer, WeWork Inc., also joins the Board.

A seasoned industry expert with over 43 years of global work experience across industries, including manufacturing, telecom, renewable energy, and digital sectors, his appointment strategically aligns with WeWork India’s vision of focusing on long term growth and scaling a business in the wake of the new world.

Speaking on the new role Manoj Kohli said, “I am optimistic about the potential of the flexible workspace industry in India, and believe that WeWork India is poised to play a significant role in this growth story. I am excited to join WeWork India at this pivotal point and leverage my expertise in managing and scaling up businesses. I am looking forward to working with the talented team here, and contributing towards the long-term vision and success of the company.”

In his previous role as the Country Head of Softbank, Manoj supported the SoftBank Group and Vision Fund in investing $15bn in over 25 AI-focused portfolio companies in India. He has also aided entrepreneurs and CEOs of key players like OLA, OYO, Lenskart, Grofers, Snapdeal, Uber, Swiggy, and Unacademy, among others, in addressing the regulatory and government issues and scaling their businesses by 10x, providing curated coaching on effective execution of a profitable growth strategy.

Karan Virwani, CEO, WeWork India commented, “In the past few years WeWork India has grown significantly and proven to be a profitable and scalable business. At this critical juncture of our growth journey, I am delighted to welcome Manoj Kohli and Anthony Yazbeck to WeWork India’s Board of Directors. Manoj’s experience in managing and growing businesses of scale and charting their exponential growth will be an invaluable asset for the business as well as me. This also aligns with Anthony’s industry and brand expertise, as well as his ability to navigate complex business challenges Furthermore, their relationships with global partners and investors will be extremely important as we achieve newer milestones in India.”

Manoj has previously served on the board of GSMA, held the position of Chairman of the CII Task Force on Ease of Doing Business, and is currently serving as the Chair of the CII Unicorn Forum for attracting new tech investments in India. He has worked extensively in the US, Europe, China, and Japan and built businesses in 25 countries in Asia Pacific and Africa.

Anthony Yazbeck

Along with Manoj, Anthony Yazbeck, President & Chief Operating Officer, WeWork Inc. will also be joining as a board member. Having served in his current role since 2021, Anthony previously served as WeWork’s President & Chief Operating Officer, International and WeWork’s Chief Operating Officer of Europe, China & Pacific for five years where he played a key role in scaling the European business and leading the transformation of the Company’s operations in China.

Anthony Yazbeck commented, "The performance of the WeWork India business is a testament to the strength of the WeWork brand and product. Flexibility and community is proving to be a powerful combination and, with a suite of flex space solutions, WeWork India is very well positioned to meet the evolving demand for dynamic workspaces across the country. I am looking forward to partnering with the Board as we strive to achieve our shared goals of long-term, sustainable success.”

Having witnessed a consistent uptick in demand for its workspaces, WeWork India continues to be bullish about its growth prospects as seen with the recent round of funding of INR 550 crores in December 2022. This came after the company clocked a revenue of INR 1300 cr in CY22 and an EBITDA INR 185 crores. The appointment of Manoj Kohli will further bolster the company’s vision to sustain the growth momentum as it continues to offer a superior workspace experience built upon its core principles of flexibility, accessibility and community.

About WeWork India

WeWork is India’s largest office space provider, aimed at creating flexible workspace solutions for companies of all sizes. Since entering the Indian market in 2017, WeWork India has been spearheading the concept of flexible workspaces and driving the future of work with over 6.5 million sq ft of assets signed across 45 locations in NCR, Mumbai, Bengaluru, Pune, and Hyderabad.

WeWork India Forays into the National Capital with its Maiden Workspace - Eldeco Centre

Set to tentatively open in August 2023, this new property is spread across 54,000+ sq. ft with over 700 desks

In line with its strategic vision for long-term growth and expansion, leading flexible workspace provider - WeWork India announced its entry into Delhi commercial real estate market by leasing over 54,000 sq. feet of space at Eldeco Centre, New Delhi, a premium office building by Eldeco. The upcoming centre shows India's growing demand for flexible workspaces and WeWork’s robust growth.

The National Capital is a key area for business leading to a thriving demand for workspaces, thus making it an extremely coveted expansion for WeWork India. With a total of 9 locations across Noida and Gurgaon, the new lease agreement marks a strategic move to strengthen WeWork India’s presence in Delhi NCR region with yet another asset-light structure. Set to open around August 2023, the newly built Eldeco Centre is located in close proximity to Malviya Nagar metro station. This provides ease of access for commute and is one of the best locations in South Delhi offering state-of-the-art infrastructure and unmatched F&B experience. Keeping intact the rich essence of the Mughal culture, the property is an ode to the ‘Old Delhi’ charm.

Speaking about the expansion, Arnav S. Gusain, Head of Real Estate & Product, WeWork India, said “The office sector in India has seen a steady recovery post the pandemic and Delhi has been among the key cities that have dominated the flex space growth. With an escalating need for flexible workspaces that are customisable and delightful, WeWork India is all set to strengthen its presence in Delhi NCR and tap into a very key city with ELDECO Centre. We are confident that businesses across the board in the capital city will find deep value in our proposition and we will continue providing the finest and most innovative workplaces at prime locations in the country.”

Commenting on the alliance, Pankaj Bajaj, Chairman of Eldeco Group said, “Eldeco Centre is our new upmarket office building in the heart of South Delhi offering a perfect blend of world-class office spaces and eclectic F&B brands. Eldeco Centre has a unique design with three storeys high arrival atrium and sandstone façade inspired by Rai Pithoragarh Fort in the vicinity. The upper floors of the building have vast uninterrupted green views with a glimpse of Qutub Minar in the background. The Complex also features a great landscaped plaza which is truly difficult to find in the city centre location. Eldeco Centre is strategically located next to Malviya Nagar metro station, close to multiple shopping malls, hospitals, and F&B hubs. We are excited to have WeWork India at Eldeco Centre and are confident that they will achieve high occupancy levels within no time at their first Delhi office.”

WeWork India’s continued expansion across cities exemplifies its reliability as a brand and is a reflection of its strong relationships with all stakeholders, including landlords, IPCs and members. By driving innovation through customised product solutions, WeWork India will continue its growth trajectory in changing the landscape of flexible workspaces in the WeWork India’s continued expansion across cities exemplifies its reliability as a brand and is a reflection of its strong relationships with all stakeholders, including landlords, IPCs and members. By driving innovation through customised product solutions, WeWork India will continue its growth trajectory in changing the landscape of flexible workspaces in the country.

About WeWork India

WeWork is India’s largest office space provider, aimed at creating flexible workspace solutions for companies of all sizes. Since entering the Indian market in 2017, WeWork India has been spearheading the concept of flexible workspaces and driving the future of work with over 6.5 million sq. ft of assets signed across 45 locations in NCR, Mumbai, Bengaluru, Pune and Hyderabad.

About Eldeco Group

Established in 1985, Eldeco Group is a North India focused real estate developer with strong presence in Tier 2 cities. The Group operates in Lucknow through the listed entity Eldeco Housing & Industries Limited (EHIL) and in the rest of India through the privately held Eldeco Infrastructure & Properties Limited (EIPL). Eldeco Group has delivered 175 projects with approximately 30 million sq. of real estate development. Besides these, the Group has 30 projects with 35 million sq. in various stages of execution. Apart from Lucknow, Kanpur, Noida and Gurugram, Eldeco is a leading real estate developer in key cities of North India such as Panipat, Sonipat, Ludhiana, Bareilly, Panchkula, and Jalandhar.

WeWork India Raises INR 550 Cr From Funds Managed by BPEA Credit

Funds to be used for future growth and potential consolidation opportunities

WeWork India, the country’s leading flexible workspace provider, has tied-up INR 550 crores from funds managed by BPEA Credit, one of the largest private credit platforms in India. The financing comes close to WeWork India’s bullish outlook towards expansion and its robust performance in FY23.

Commencing operations in India in 2017 with 100K sq ft and 2200 members, WeWork India, over the last five years, has progressed to 62K+ members and over 6mn sq ft across 41 locations and six cities in India - Bengaluru, Mumbai, Gurugram, Noida, Hyderabad, and Pune. WeWork India’s member portfolio comprises 70% of enterprises such as 3M, Khaitan & CO, Honeywell, Dyson and KIA, while 30% includes startups, freelancers, and SMEs.

Earlier this year, the company announced its first profitable quarter, followed by new leasing announcements across its major operational cities. Following WeWork India’s strong performance in providing the best workspace solutions and supporting India Inc, the funding will further strengthen WeWork India’s position as a revolutionary brand reshaping the future of work.

“Flexibility is paramount in today’s workforce and the investment by BPEA Credit stands testament to the massive growth opportunity for flex workspaces in India and validates WeWork India’s strong fundamentals and healthy business model. We are laser-focused on fuelling growth opportunities and fortifying our position as the leading flexible workspace brand with customisable and innovative solutions for all businesses.” said Karan Virwani, CEO, WeWork India.

In 2020, WeWork India raised INR 750 crores via funding from WeWork Global which played an instrumental role in stabilising the business during the pandemic. WeWork India turned profitable this year and locked a revenue of INR 1300 cr this year-end. At present, the EBITDA jump is 250% from a loss of INR 120 cr in CY21 to a profit of INR 175 crore in CY22. The company also recently made its first investment in the Bengaluru-based conferencing and collaboration platform Zoapi to reinforce its commitment to offering innovative and immersive solutions to businesses.

With India Inc transitioning towards a hybrid work model, there has been a growing demand for flexibility and a sense of community among today’s workforce. Prompted by companies' evolving requirements and the feasibility of their existing business models, WeWork India remains prudent about its overall business strategy. With a commitment towards meeting the industry’s increasing demands, the brand intends to offer a superior workspace experience built upon its core principles of flexibility, accessibility and community.

Avendus Capital Private Limited was the exclusive investment banking partner for WeWork India on this transaction.

About WeWork India

WeWork is India’s largest office space provider, aimed at creating flexible workspace solutions for companies of all sizes. Since entering the Indian market in 2017, WeWork India has been spearheading the concept of flexible workspaces and driving the future of work with over 6 million sq ft of assets signed across 41 locations in NCR, Mumbai, Bengaluru, Pune and Hyderabad.



For more information, visit: wework.com

Wework India Opens Workspaces in Pune & Bengaluru as a Part of Its Commitment to Long Term Expansion and Growth

 

With the launch of two new buildings,  WeWork India expands it footprint by over one lakh sq ft and close to 2,000 desks

WeWork now has 40 locations across India, with over 50,000 members across India

In line with its strategic vision for long term growth and expansion, the leading flexible workspace provider - WeWork India announced the opening of two new buildings in Pune and Bengaluru respectively. The workspace at WTC Pune spans over 55,000 sq ft feet, and the newly opened Embassy Sunriver in Bengaluru spread across over 61,000 sq. feet. The new buildings have been launched to collaborate with leading developers like Panchshil and Embassy REIT. WeWork India witnessed over 65% occupancy at the buildings on the day of opening, which is a testament to the rising demand for flexible workspaces across the country, and its increasing value among renowned developers.

Recognised as India's fourth operational World Trade Center, WTC Pune is the hub for international business and is conveniently located in the centre of Pune’s Eastern IT Corridor. It is easily accessible and provides members access to world class amenities while creating a conducive work environment. Occupying the 6th and 7th floor, this newly opened WeWork workspace has a unique still life mural and allows for plenty of natural light to enter the office spaces. The building is designed to maximise the use of space and is finished in black marble with touches of regional folk art and local elements inspired by Pune architecture. It brings to life the city’s rich culture, a mix of thriving youth and heritage colonial buildings.

The commute to Sunriver is easy as it is conveniently located inside the Embassy Golf Links, one of Bengaluru’s largest IT business parks. The centre of India's high-tech industry, the city is home to professionals from all spheres of life. Sunriver is designed with a focus on retaining the character of the existing building with inspiration derived from the culture of the city and classic elements of nature. Various furniture made by local artisans and a cricket pitch has been integrated to add vibrancy to the space. The workspace maintains the WeWork design aesthetic while preserving the authenticity of the building and customising member requirements.

Commenting on the announcement of these new workspaces, Karan Virwani, CEO of WeWork India, said, "As India witnesses an increased adoption of hybrid work models with the gradual return to work, we are excited to announce the launch of two of our buildings,  Embassy Sunriver and WTC. Our innovative approach has made a significant impact in revolutionising the flexible workspace ecosystem in India, thereby, encouraging its adoption among the future workforce.  With the launch of our two new spaces, we reaffirm our commitment to long term expansion and growth. We will continue to play a key role in providing the finest locations to our member community while developing the flexible workspace landscape in India."

The new spaces will offer expertly designed technology, agile workspace solutions and access to a community catering to the varied needs of members and businesses of all sizes. In addition to the key membership models, WeWork’s latest offerings include WeWork On-Demand, WeWork Business Solutions, Virtual Offices, Events, Studios, Shoots, and Managed Office by WeWork which are tailored to meet India’s rising demand for flexible workspaces.

About WeWork 

WeWork is India’s largest office space provider, aimed at creating flexible workspace solutions for companies of all sizes. Since entering the Indian market in 2017, WeWork India has been spearheading the concept of flexible workspaces and driving the future of work with over 5+ million sq ft of assets acquired in 40 locations, across NCR, Mumbai, Bengaluru, Pune and Hyderabad. 

WeWork Labs and StrongHer Ventures Partner to Empower 1 Mn Women through ‘Arise’, India’s Largest Platform for Women-led Entrepreneurship

• Arise is an engaged acceleration program offering knowledge sessions, bootcamps, sector experts, engaged mentors, extensive networking sessions, hiring drives, warm client connect, access to follow-on capital, and over $1M worth of benefits to participants
• The program will engage with 5,000 startups, mentor 1000 entrepreneurs and invest in over 100 startups over the next 5 years
• Arise expects to add $1.5 billion to India’s women-led economy (GDP)

WeWork India, the leading flexible workspace provider, today announced its partnership with StrongHer Ventures to launch ‘Arise’, a programme designed to unlock opportunities for India’s women entrepreneurial ecosystem. The association will be jointly led by WeWork Labs, the global incubation and acceleration arm of WeWork, and StrongHer Ventures, the first woman-focused VC in India and globally. The programme will focus on helping women entrepreneurs through a blend of competitive guidance, business support, community development and broader societal impact.

Arise brings together the benefits of StrongHer Ventures’ extensive investment expertise and investor network, coupled with WeWork Labs’ global acceleration platform. The programme will engage with 5,000 startups, mentor 1000 entrepreneurs and invest in over 100 startups over the next 5 years. It will impact engagement and empowerment of over a million women in India, resulting in 5x increase in funding for women entrepreneurs, doubling the number of women leaders across the impacted group of women, and a 50% reduction in pay gap. Arise expects to add $1.5 billion to India’s women-led economy (GDP).

Arvind Radhakrishnan, Head of Labs, WeWork India, said, "WeWork Labs has always been uniquely capable of delivering ground-up impact because of WeWork India’s extensive physical presence across the country. This allows us to have our eyes on the ground in several micro-ecosystems, and engage with founders on a much deeper level. We are delighted to partner with StrongHer Ventures to leverage this access and reach to address the perennial issue of underrepresentation of women in the startup ecosystem. With StrongHer’s extensive track record and network, the aim of the partnership is to build a solid foundation for women-led and focused businesses in India and offer a combination of capital, acceleration, mentorship, customer and market access to high-potential women-led or women-focused startups going forward."

Apart from capital investment, Arise will offer women entrepreneurs a range of benefits as part of the acceleration program including knowledge sessions, bootcamps, sector experts, engaged mentoring, curated networking events, hiring drives, warm client connect, access to follow-on capital, and up to $1 million worth of perks. Given the access, reach and track record jointly offered by StrongHer Ventures and WeWork Labs, Arise will empower the women-led ecosystem with hands-on portfolio support. Additionally, access to WeWork spaces will be offered at highly subsidised rates through WeWork Labs’ Growth Campus offering.

Ankita Vashistha, Founder & Managing Partner, StrongHer Ventures, said “We are founders of the first venture capital fund to invest in women entrepreneurs and with Arise we are now launching the largest accelerator platform for women led and focused startups, along with WeWork Labs in India. We are engaging women leaders, investors, founders, professionals and corporates to build the most engaged community and ecosystem for women. Arise is uniquely positioned to accelerate growth and value with engaged mentors and sector experts and extensive focus on digital innovation, networking, partnerships, investor relations and business connections. We are proud to change the narrative and are confident of increasing the amount of funding to women entrepreneurs by 5x and impacting the number of women in leadership and entrepreneurial positions. The female economy is here and we are leading the change.”

The programme will draw out the entire women led/focused innovation ecosystem in India, including founders, talent, corporate leaders, investors & mentors such as Kiran Mazumdar Shaw (Biocon), Kirthiga Reddy (WeWork), Deepak Parekh (HDFC Bank), Upasana Taku (MobiKwik), Neha Motwani (Fitternity/CureFit), Bhavna Suresh (10Club), Ganesh Natarajan (Ex Zensar), Anisha Patnaik (LexStart) and Avinash Vashistha (Former Chairman & MD, Accenture), among several other leaders.

Commenting on the program Kiran Mazumdar Shaw, Executive Chairperson, Biocon & Biocon Biologics said, “The Arise program by StrongHer Ventures and WeWork Labs is leading the way to triple the number of women entrepreneurs who get funded and increase women in leadership positions by 50%. Let’s arise and break the bias."

The acceleration programme will be open to all pre-seed women-led/women-focused startups in the broad categories of health, fin-tech, consumer, future of work & web 3.0. One of the core focuses will be to engage with the startups throughout various rounds of fundraising to help scale their businesses and focus on driving long-term societal impact, by publishing original research from their learnings obtained throughout the programme. This is aimed to encourage thought leadership and advocate policy changes in the industry.

Co-investors, mentors, sponsors and ecosystem enablers who are interested in contributing towards the programme can apply here.

About WeWork Labs

WeWork Labs is a platform for early-stage startups that takes an innovative and personalised approach to helping entrepreneurs succeed. It serves as a growing ideation hub for forward-thinking organisations, partnering with local incubators, accelerators, and large enterprises to power future corporate innovation in both India and around the globe. Coupled with access to WeWork’s global community of 5000+ founders, investors and mentors, WeWork Labs provides members with the space, access to investment, upskilling sessions with experts, warm client connect and educational resources to help grow their business.

About StrongHer Ventures

StrongHer Ventures is building the largest, most impactful and engaging platform for women entrepreneurship, investments, engagement and leadership. StrongHer Ventures is a $100M platform, launched after the successful deployment of Saha Fund, investing across pre-seed to early stage companies. Looking at women led/focused technology driven, scalable business models across health, fintech, future of work and life, consumer and web 3.0. StrongHer Ventures is driven by an experienced team, led by Managing Partner - Ankita Vashistha with a proven track record of investing in technology, ventures and diversity across USA, India, Europe, Asia and supported by a strong board of experts, global advisory board, entrepreneurial and corporate operator network.

WeWork India Strengthens Leadership Team to Bolster Growth Plans

• Megha Agarwal, former Global Marketing Manager at Unilever, is appointed as the new Head of Marketing at WeWork India.
• Raghuvinder Singh Pathania has been elevated to Head of Community, India; he is also the Head of Operations at WeWork India.
• Dharam Mehta, previously Head of Business Operations, has taken up the new role of Head - Digital Products.

In line with its vision of focusing on long term growth and scaling business in the wake of the new world, WeWork India, the platform for creators that provides curated workspace solutions, has announced key strategic appointments to the India leadership team. The past year has pushed businesses to become more flexible and shift costs to a variable model. Space as a service offers businesses the agility to adapt to the changing scenario and WeWork India's solutions cater to their exact workspace needs.

Megha Agarwal has been appointed as the new Head of Marketing at WeWork India. A seasoned Brand and Marketing professional, Megha joins WeWork with over 13 years of multi-category global experience in brand building, communication development, new product development, media planning, and e-commerce. With a consumer-first mindset, passion for high performance, growth and collaboration, Megha will be responsible for developing WeWork India's overall marketing strategy including online and offline activations, events, and communications.

Talking about joining WeWork India, Megha said "To watch WeWork emerge as a leader in the flexible workspace industry with innovative marketing and workspace solutions, while sustaining its community and values has been fascinating! As the way we work continues to evolve in this dynamic environment, the future possibilities are immense and I look forward to being a key facilitator of WeWork's growth and footprint in India as well as contributing to its culture of innovation and collaboration." Before WeWork, Megha worked with Unilever for over a decade. In her last stint, she led one of the largest FMCG mergers in India – the GSK Nutrition integration with Unilever in April 2020 and went on to lead the Global Marketing of the Nutrition Business.

Raghuvinder Singh Pathania, previously Head of Operations, has taken up a more significant position and is now the Head of Community and Operations, India. In his new role, Raghuvinder will offer his expertise for building operations management, profit performance and ensuring the best in class member experience across cities. "At WeWork, we've continued to serve our members with solutions that facilitate smooth collaboration and reinforce the human connection that is an integral part of our culture. As we steadily grow and innovate, I will continue to ensure that this experience and sense of community is consistent across all cities with WeWork's presence." Raghuvinder said. He has also led the sustainability efforts at WeWork with the organisation committing to a plastic-free environment.

To drive value and growth in an increasingly digital world, Dharam Mehta in his new role of Head - Digital Products will be responsible for the strategy, price, promotion and profitability of all of WeWork's digital product offerings. He will focus on the current products such as Virtual Office, On-Demand, All Access and WeWork Business Solutions and continue to innovate new digital products for the future. "As we move into the future of work, there is tremendous opportunity for digital products and solutions that allow the workforce today to adapt smoothly to the new work models. I am excited to lead and drive innovation for WeWork's new digital products, partnerships and services that will continue to redefine the traditional office." Dharam said.

Talking about the new appointments, Karan Virwani, CEO, WeWork India said, "The flexible workspace industry in India has continued to show positive momentum as businesses steadily adapt to the new normal. In our endeavour to provide our members with flexible, safe and well-managed workspaces, we have ensured to bring innovative solutions combining great design, product, flexibility, hospitality and technology as the enabler for a new and innovative way of experiencing work life. I am very pleased to share that with these new leadership announcements we will strive to further enrich the experiences for our existing community and scale towards greater heights."

Having witnessed a consistent uptick in demand of its workspaces, WeWork India continues to be bullish about its growth prospects as seen with a recent round of funding of INR 200 crores in April 2021; this came after an initial round of funding from WeWork Global of $100 million in June 2020. Treading on this path, WeWork India's key appointments further bolsters its vision to provide flexible and customized solutions to all its members.

About WeWork

WeWork is India's largest office space provider, creating flexible workspace solutions for companies of all sizes. Since entering the Indian market in 2017, WeWork has been spearheading the concept of flexible workspaces and driving the future of work with over 5 million sq ft of space leased in 35 locations across NCR, Mumbai, Bengaluru, Pune and Hyderabad as of Q3 2021.

WeWork Labs Invests $3M in Indian Startup Ecosystem Through Growth Campus & Launches Global Business Platform

• WeWork has launched its Growth Campus initiative to help the local startup ecosystem grow.
• Growth Campus allows startups and ecosystem enablers to get access to the largest global network of businesses, mentors and investors, and over $500k in perks and benefits through the WeWork Labs Global Platform
• The launch is amidst a series of events with the country's most renowned startups and investors in attendance

September 30, 2021: WeWork India - the leader in flexible workspaces that provides collaborative workplace solutions - has launched its Growth Campus product in line with WeWork Labs' to power the next generation of founders in India by unlocking opportunities and enabling innovation for early stage startups, entrepreneurs, and enterprises.

Built on WeWork's core competency of providing its members networking opportunities and the benefits of flexibility at a workspace, Growth Campus facilitates the growth of the local startup ecosystem, by offering access to WeWork spaces at highly subsidised rates. This initiative is available to the entire startup ecosystem, including members, accelerators, incubators, investors and enterprises. Existing members receive all the benefits of the Growth Campus offering, along with access to the WeWork Labs platform for free, whereas the programme is open to startups, venture capitalists and other ecosystem players through a simple application process. Through this effort, WeWork Labs aims to support the startup ecosystem in overcoming the challenges presented by the COVID-19 pandemic- by providing them with access to workspaces, resources and investment.

The initiative has been launched as part of a series of three in-person events spread across a week with some of the most renowned startups and investors, to discuss the role of the local ecosystem in Building India 2.0. The events will take place in Bangalore (4th October), Mumbai (6th October) and Gurgaon (8th October), and include panel discussions with founders, various networking sessions and reverse pitches from some of the most active venture capitalists in the country. Startups like Plum, Betterplace Jai Kisan, Onsurity, CoutLoot, BluSmart, PeeSafe, Doubtnut and venture capitalists like Chiratae, Cisco, Blume, Stellaris Venture Partners Black Soil, Venture Catalysts, Matrix Partners, InnoVen, Beenext, Venture Highway, Orios, Eximius VC are expected to be in attendance. As part of the WeWork Labs community, companies will also have access to $500,000 worth of perks and benefits to help them grow faster.

Arvind Radhakrishnan, Head of Labs, WeWork India, said "We are happy to support the development of small businesses which will shape the future of entrepreneurship in the nation. WeWork Labs has always had the growth of the local startup ecosystem at the heart of its efforts and we hope that our expertise will provide startups with the network and resources to enable them to thrive, while facilitating prospects for cross collaboration."

WeWork Labs is a platform for early-stage startups that takes an innovative and personalized approach to helping entrepreneurs succeed. It serves as a growing ideation hub for forward-thinking organizations, partnering with local incubators, accelerators, and large enterprises to power future corporate innovation in both India and around the globe. Coupled with access to WeWork's global community of 4000+ founders, investors and mentors, WeWork Labs provides members with the space, access to investment, upskilling sessions with experts, and educational resources to help grow their business.

About WeWork

WeWork is India's largest office space provider, aimed at creating flexible workspace solutions for companies of all sizes. Since entering the Indian market in 2017, WeWork has been spearheading the concept of flexible workspaces and driving the future of work with over 5 million sq ft of space leased in 35 locations, across NCR, Mumbai, Bengaluru, Pune and Hyderabad as of Q1 2021.

WeWork Launches Virtual Offices for Easing Setting up Office At A Prime Location

In its continuous focus to cater to office space needs of businesses of all sizes, WeWork, the leading flexible workspace provider has launched WeWork Virtual Offices. Businesses across the country, as well as self-employed individuals, have a growing need to have a premium office set up for varied purposes that range from communication to registration necessities. WeWork has identified and met this demand with its unique offering of a Virtual office that will help them with a professional address at a central business district where its 35 workspaces are located.

Moreover, businesses in non metros now increasingly require office space in desired hubs of urban cities in order to facilitate wider networking opportunities, expansion of talent base, without incurring large expenditures. The offering which was running in its pilot phase has already received an enthusiastic response with over 100 companies setting up their virtual offices in a short span of time.

The product is officially live starting today across the 6 key cities of WeWork, with favourable packages starting from 6 months that goes upto 24 months priced at:

• INR 4,500 PM for a 6 months membership
• INR 4,000 PM for a 12 months membership
• INR 3,000 PM for a 24 months membership

These memberships include monthly credits worth INR 2500 as an introductory offer. Additional benefits bundled into the offering include mail handling and storage facilities, ability to use credits to access meeting rooms or to use them as day passes across the entire WeWork network in India. These benefits can be availed by any employee in these companies as well. Prioritizing health and ease of usage for potential members, WeWork has ensured an end to end digital process for registration including NOC signing and agreement processing which can be done within a couple of minutes.

Excited about creating a virtual office, Vinayak Parameswaran, Head of Corporate Finance and Innovation at WeWork India said, “ At WeWork, we are constantly working towards anticipating and creating workspace solutions that suit varied business requirements. With the launch of WeWork Virtual Office, we are providing a distinctive option to businesses and individuals that need a prime office address along with a host of added benefits. Facilitating the same with an entirely online process is another step in enabling ease of work and introducing them to our member first culture with which we welcome them at WeWork”.

Based on the demand witnessed and the response so far, WeWork would also look into expansion of the service across Tier 2 cities. This is apart from a host of member-centric solutions such as WeWork On Demand which provides easy one day access to any of the WeWork spaces at an introductory price of INR 500 and WeWork Business Solutions which is a service platform that offers hassle-free, cost-effective, and specially curated solutions like Accounting and Finance services, Legal & Tax Advisory, Insurance, etc, for its members.

WeWork also offers its members WeWork All Access, a membership model that provides access to any WeWork location that is most convenient to them, reducing considerable commute time thereby enabling higher productivity levels.

WeWork is India’s largest office space provider, aimed at creating flexible workspace solutions for companies of all sizes. Since entering the Indian market in 2017, WeWork has been spearheading the concept of flexible workspaces and driving the future of work with over 5 million sq ft of space leased in 35 locations, across NCR, Mumbai, Bengaluru, Pune and Hyderabad as of Q1 2021.

WeWork gets $1.1 Billion in Debt Financing from Softbank

Troubled co-working firm WeWork has secured $1.1 billion in debt financing from its existing investor Softbank. According to reports, the co-working startup, , which is owned by Embassy Group, has slashed its cash burn rate almost in half from the end of last year and obtained a $1.1 billion commitment in new financing from majority owner SoftBank.

Last year, Wework was valued at an attractive $47 billion and was even heading for an IPO, it however fell to a mere $2.9 billion valuation and is now subject to the wrath of the coronavirus pandemic.

The co-working firm said in an e-mail to employees that its second-quarter results show the coronavirus pandemic has hurt business but its financial position remains strong.

"Our early efforts to become a more streamlined, cash-conscious organisation puts us in a better position to adapt quickly, navigate new realities and deliver our future business objectives," said Kimberly Ross, the Chief Financial Officer of WeWork, in the e-mail seen by Reuters.

Revenue in the quarter reached $882 million, a nine per cent increase from a year earlier, Ross said. WeWork in the first quarter reported revenue of $1.1 billion, the first time they had exceeded nine figures, and its cash burn was $482 million.

In a recent interview to Forbes, SoftBank head Masayoshi Son had said, -

We paid too much valuation for WeWork, and we did too much believe in the entrepreneur. But I think even with WeWork, we’re now confident that we put in new management, a new plan, and we’re going to turn it around and make a decent return.

WeWork's membership stood at 6,12,000 reporting an 11.6% quarterly decline, indicating that the coronavirus pandemic and people working from home have hit the company.

In May this year, WeWork India signed an office deal with Commonwealth Bank of Australia and reportedly closed deal of 2400 seats office at WeWork's Manyata tech park facility in Bengaluru.

WeWork India Close to Sign 2400 Seats Office Deal with Commonwealth Bank of Australia

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

WeWork Sues Japan's SoftBank for Backing Out of Deal

Office-sharing giant WeWork on Tuesday sued SoftBank claiming the Japan-based technology investment group breached its contractual obligations by backing out of a USD 3 billion rescue plan.

The lawsuit filed in a US court in Delaware came just days after SoftBank said it was backing out of the plan to purchase WeWork shares to shore up the finances of the struggling sharing economy giant.

WeWork's board of directors called the SoftBank action "a clear breach of its contractual obligations" under an agreement between the two firms last year as well as a breach of SoftBank's fiduciary obligations to the firm's current and former employees who were to sell their equity.

The complaint alleges SoftBank yielded to pressure from "activist investors" and made the move after it had "received most of the benefits" under the deal, including control of WeWork's board.

WeWork is asking the court to force SoftBank to live up to the agreement or pay damages.

Last week, SoftBank said it was terminating the agreement, claiming WeWork failed to live up to its obligations and cited "multiple, new, and significant pending criminal and civil investigations" surrounding WeWork and its co-founder Adam Neumann.

Neumann was to have received an estimated USD 1 billion from the SoftBank investment.

The deal also would allocate some USD 450 million to current or former WeWork employees who have equity in the group.

A WeWork board special committee said it "regrets the fact that SoftBank continues to put its own interests ahead of those of WeWork's minority stockholders."

The move by SoftBank marked a dramatic turn of events at troubled WeWork, once hailed as a shining unicorn valued at USD 47 billion.

Things began to unravel last year as WeWork lost cash and cancelled its share offering, with Neumann pushed out -- albeit with a generous package.

The tender offer would have most benefited Neumann, his family, and major institutional stockholders like Benchmark Capital, SoftBank Group said.

SoftBank has said its decision would not impact the day-to-day operations of WeWork.

The Japanese firm and its Vision Fund have already committed more than USD 14.25 billion to WeWork.

The lawsuit claims SoftBank took the action in part due to growing losses in its other investments, including its massive technology investment fund.

SoftBank has seen its stock sink in recent weeks on worries about the liquidity of the heavily indebted company, as global financial markets are roiled by fears about the economic consequences of the pandemic. (AFP)

upGrad and WeWork Come Together to Encourage Collaborative Learning at the Workplace

• Pan India association with upGrad to enhance member experience in WeWork locations.


• Benefits offered to WeWork members include discounts on upGrad programs, personalized career counselling, conducting periodic webinars and expert sessions on key themes among others.


• Access to enterprise focussed events serve as L&D programs for enterprise members, helping engage, attract and retain top talent housed in WeWork’s workspaces

upGrad, India’s leading online higher education company has partnered with WeWork, world’s leading space-as-a-service platform, bringing the two leaders together in a strategic move. Through this association, upGrad will leverage WeWork’s large members base to introduce industry-relevant programs and higher learning to the workplace, with an objective of enhancing member experiences and advancing their professional journeys. WeWork members across all locations in India would now be able to access a minimum 10% discount on upGrad programs, no commitment trials, free personalised career counselling, mock interview and resume screening among other benefits.

To further encourage knowledge transfer of relevant industry skills, experts in fields such as Data Science, Artificial Intelligence, Machine Learning, and Product Management will periodically conduct interactive webinars for WeWork members. These webinars will be a platform for members to interact with the experts and get a first-hand look into current industry trends. Apart from this, focussed hackathons would also be conducted at WeWork locations to help domain experts collaborate extensively on various projects.

50% of WeWork’s members in India are enterprises. Keeping this in mind, the alliance would also host enterprise focussed career fairs and basecamps on relevant topics. These forums would encourage networking, extending learnings and opportunities from members who are part of WeWork’s extensive enterprise base, paving the way towards collaborative learning for all. Additionally, these programs would also serve as L&D programs for enterprise members, helping them engage, attract and retain top talent housed in WeWork’s workspaces.

Elaborating on the partnership, Gaurav Kumar, President- Corporate Development says, "Our new journey with WeWork will bring forth an immersive learning experience for their employees. With industry-ready programs and accurate domain knowledge, upGrad commits to perfect the economic imbalance of adequately required workforce vs the current supply. All our deep learning programs, LifeLongLearning-related content on the app and other social media platforms are designed to embellish the hard and soft skills of working professionals, thereby enhancing their employability quotient. With our outcome-based learning approach, we have seen 20,000+ working professionals’ transition in their careers and we look forward to creating another benchmark with this alliance coming into force."

Commenting on the partnership Karan Virwani, CEO, WeWork India says “Joining hands with upGrad gives us the chance to encourage our members to upskill themselves by accessing valuable insights shared by industry experts. We believe this association will benefit those who are looking to advance their professional growth, no matter who they are, or what they are currently pursuing. Our ultimate goal is to create a highly engaging, collaborative and positive learning environment for all our members and this partnership brings us closer to achieving this”.

About upGrad:

Founded in early 2015, upGrad offers online programs for working professionals. In a short span of around 5 years, upGrad on-boarded over 21.5K paid learners and impacted more than 370K individuals globally, making it India’s largest online higher-education company, basis gross revenue generated from the Indian market in FY18-19.

upGrad provides programs in the areas of Data Science, Technology, Management and MBA to college students, working-class and enterprises. These programs are designed and delivered in collaboration with top-notch universities like IIT Madras, IIIT-B, BITS Pilani, MICA, NMIMS Global Access, Duke CE, Liverpool John Moores University and others. To further enhance the learning experience, a comprehensive ecosystem has been built which includes one-on-one mentoring, peer-to-peer learning, industry networking and most importantly expert career guidance providing learners holistic support to elevate their careers to the next level.

The company has been awarded the title of ‘Best Tech for Education’ by IAMAI in 2019. The company received the ‘Best Education Brands’ award by Economic Times and has made it to LinkedIn’s ‘Top 25 Startups’ two years in a row in 2018 and 2019.

WeWork provides members with space, community, and services through physical and virtual offerings. Its mission is to create a world where people work to make a life, not just a living. As of 2019 fourth-quarter close, WeWork had 740 locations across 140 cities and 37 countries, as well as 662,000+ memberships, including global enterprises. WeWork is committed to providing members around the world with a better day at work for less.

For more information, visit: wework.com

WeWork India Extends Medical Benefits to Partners of LGBTQ employees

Co-working major WeWork India, owned by realty firm Embassy Group, on Tuesday said it is extending the company's medical insurance benefits to same-sex domestic partners of its employees.

This step is a commitment by the company to acknowledge and celebrate diversity and inclusion among its employees through its people practices, WeWork India said in a statement.

WeWork, which has over 500 employees in India, is the first collaborative workspace provider in the country to offer health insurance cover to partners of all LGBTQ employees, the statement added.

"WeWork as a brand believes in leveraging the diversity of our people and is taking steps to celebrate the spirit of inclusion. Today we announce our insurance coverage policy to be LGBTQ friendly and all WeWork India employees, irrespective of gender or sexual orientation, will now be able to add partners as dependents and gain the same benefits," WeWork India Head of People Priti Shetty said.

She added that the partners providing health insurance benefits are Futurerisk and The Oriental Insurance Company.

"We have to respect each individual's diverse needs to foster a truly inclusive culture. The insurance coverage for our LGBTQ colleagues is a step in that direction," Shetty said.

Bengaluru-based Embassy Group, a major player in Indian commercial real estate sector, had partnered US-based WeWork in 2016 to enter into co-working business for the Indian market. As of February 2020, WeWork India has 34 locations across six cities and more than 40,000 memberships, including enterprises.

WeWork Enters PUNE, Takes on Lease 1.22 lakh Sq Ft Office Space from Panchshil

US-based co-working operator WeWork is expanding its India business and foraying into Pune market where it has taken on lease over 1.22 lakh sq ft office space to launch 24th centre in the country.

According to sources, WeWork has taken 1,22,165 sq ft office space in Panchshil Realty's commercial project 'Panchshil Futura' in Pune, Maharashtra. This new centre in Pune, expected to be launched early next month, will have a capacity of over 2,000 seats, they added.

The update comes at time when WeWork's parent has just filed for an IPO.

At present, WeWork has 23 co-working centres in India with a total capacity 39,000 seats spread over three million sq ft area. It has 9 centres each in Bengaluru and Mumbai, while another 5 in Gurugram, Haryana.

When contacted, spokesperson of WeWork India declined to comment. A spokesperson of JLL India, which facilitated this leasing transaction, too declined to comment.

Last year, WeWork India head Karan Virwani had said that the company offers desks starting from Rs 7,000 and up to Rs 40,000 per month depending on the locations and facilities. He had also mentioned that all of WeWork's centres in India are profitable.

The co-working segment in India has gained momentum in last few years. Already, this segment contributes 15-20 per cent of the total office space leasing.

Apart from WeWork, the other major players include Regus, CoWrks, Awfis, Smartworks, GoWork, , Skootr, Innov8, IndiQube, Avanta, 91 Springboard Creator's Gurukul, GoHive and OneCulture, and Plus Offices among others.

Founded in 2010 by Adam Neumann and Miguel McKelvey in New York, WeWork is a platform for creators, providing members around the world with space, community, and services through both physical and virtual offerings. Globally, it now has presence in 528 locations in 111 cities across 29 countries. On Wednesday, WeWork announced its plans to raise capital through initial public offering. PTI MJH

The 'WE' Ticker - WeWork Files to Go Public

Office sharing startup WeWork will be going public after its parent company filed papers Wednesday for a stock sale, despite losing money amid rapid expansion.

The We Company will trade under the "WE" ticker, but officials declined to say how much they intend to raise with the share offering. Some news reports estimated the sum at between $3 and $4 billion.

The company also reached an agreement with a consortium of large banks including JPMorgan Chase and Goldman Sachs for a $6 billion credit facility that will close with the stock offering.

The New York-based We Company submitted its registration statement to the US Securities and Exchange Commission announcing a plan to raise funds to cover operating expenses and capital spending for a workplace it sees as increasingly globalised, urbanised and flexible.

The filing, which states that the company's "mission is to elevate the world's consciousness," showed revenues quadrupled between to 2016 and 2018 to $1.8 billion.

But the company reported a loss of $1.6 billion last year, and through the first six months of 2019, it lost $690 million on $1.5 billion in revenues.

"We have a history of losses and, especially if we continue to grow at an accelerated rate, we may be unable to achieve profitability at a company level for the foreseeable future," the company warned.

The co-working company, which calls itself a pioneer in the "space-as-a-service" business, launched in 2010 and now has over 528 locations in 111 cities across 29 countries, according to the SEC filing.

Growth accelerated in the aftermath of the financial crisis and has been supported by mobile technologies that have allowed people to make their work portable.

The spaces, decorated with bright colors and industrial themes, offer free coffee and renters are provided office supplies and utilities.

"When we started, it was obvious to us that the solutions available in the market were not meeting the needs of the modern workforce," the company said in the filing.

"Rather than a static solution locked to a long-term lease, we imagined the future of work: dynamic, well-designed workspaces for less, a suite of value-added products and services, all powered by data, analytics and deeply integrated technology that helped our members unlock creativity and productivity."

The filing highlights the role of the company's co-founder and chief executive, Adam Neumann, who will have a controlling stake after the company goes public and has come under scrutiny over conflicts of interest.

The company disclosed that it had leased from "landlord entities in which entities Adam has or has had a significant ownership interest," listing the matter in the filing's "risk" section among transactions that "present possible conflicts of interest that could have an adverse effect on our business and results of operations."

Another risk would be the hit from a severe financial downturn, which could severely hit smaller businesses and freelancers who comprise a core client group for the company.

But the filing goes on to say that WeWork weathered downturns in the London real estate market after Brexit and in Buenos Aires after a monetary crisis that hit Argentina in 2018.

"Not only do we believe our business model mitigates the pressures of an economic recession, we also believe that our model could position us well in a downturn," it said in the filing. "An economic downturn may provide us an opportunity to further scale our platform at more attractive unit economics." (AFP)

For $1.9 Bn WeWork is Buying 70% Stake in its India Unit - Report

Ahead of its IPO, co-working space giant WeWork is buying majority controlling stakes of its India affiliate, WeWork India, which is a brand franchisee controlled by Embassy Buildcon, which is owned by real estate billionaire Jitu Virwani and his son Karan Virwani, who is CEO of WeWork India, says a report by LiveMint.

Notably, WeWork India is a joint venture between New York-based co-working space provider WeWork and Bengaluru-based property developer Embassy Buildcon.

According to the report, WeWork is in talks to buy around 70% of WeWork India at a valuation of about $2.75 billion. For 70%, the deal is reportedly costing $1.9 billion, which would be in part cash and part stock, and could close as early as August.

Adding its India unit in to its asset portfolio may benefit WeWork as it preps for its initial public offering (IPO), which the company has filed for in April this year.

In January 2018, Embassy Group gave around Rs 100 crore ( ~ $15.6 million) to WeWork's India unit for 100,00,000 compulsory convertible debentures in return for its investment.

Earlier this year, a report by Times of India had also suggested that WeWork is holding talks to own at least 51% stake in its Indian affiliate.

Last October, it was also reported that Masayoshi Son led Softbank was exploring to buy a majority stake of up to 50% in WeWork for $15 billion.

Within a month after entering India in July 2017, WeWork had secured a massive US$4.4 billion from the SoftBank Group and its $100 Bn Vision Fund, in August of same year.

Later in October 2017, WeWork launched WeWork Labs in India to help early-stage startups in the country get access to investment, resources and mentorship from its global network of members. WeWork Labs functions as a startup incubator within WeWork.

SoftBank Exploring Acquiring Majority Stake in WeWork for $15-20 Billion

Japan's Softbank is on investment spree it seems as Masayoshi Son led venture fund is exploring to buy a majority stake of up to 50% in US co-working office space provider WeWork Cos, according to a recent report from The Wall Street Journal (WSJ).

The possible investment by Softbank in WeWork could go anything between $15 billion and $20 billion and would be sourced from SoftBank’s Vision Fund, said the WSJ report.

However, the investment discussions are fluid and there is no certainty of deal closure, said the report citing some of the people privy to the development.

An earlier report by WSJ in June also said that SoftBank and WeWork were in discussion for a smaller investment that could value WeWork at up to massive $40 billion.

The $92 billion Softbank Vision Fund, which is backed largely by Saudi Arabia and Abu Dhabi wealth funds as well as by SoftBank, already owns nearly 20% of WeWork after Softbank group invested whopping $4.4 billion in WeWork in equity funding round raised in August last year. That funding valued WeWork at $20 billion.

Meanwhile in Tokyo, SoftBank shares has fell by 5% on Wednesday trading due to the news of the potential WeWork investment, which according to the traders was negative for SoftBank, which has substantial exposure to the technology sector whose shares have been under pressure.

If the deal goes through then it would be one of the largest and important deals of the past decade’s startup boom. SoftBank in January completed the biggest investment in a venture-backed startup, paying $7.7 billion for a 15% stake in Uber Technologies Inc. More than 160 private companies backed by venture capital have valuations of more than $1 billion, up from just a handful in 2010.

Founded in 2010 by Adam Neumann and Miguel McKelvey, WeWork to help create the world where people work to make a living, not just a living. It offers warehouse-style shared workspace to smaller companies, primarily tech startups. WeWork members are creators who run the gamut from entrepreneurs, freelancers, and startups, to artists, small businesses and even divisions of large corporations.

According to WeWork, since its launch in New York seven years ago it has grown into a network with more than 150,000 members at some 160 locations around the world.

Just a few days back, the co-working space giant had launched ‘WeWork Labs’ in India to help early-stage startups in the country get access to investment, resources and mentorship from its global network of members. The company started with a pilot WeWork Labs in India at the company's Gurugram facility and eight startups are already a part of it.

Late last month, SoftBank Vision Fund has invested in India's hotel aggregator, Oyo Hotels's massive $1 billion funding round. Softbank is already an investor in Oyo prior to this round.

This July, it was also reported that SoftBank will launch new mobile digital payments service for Japan, at the end of 2018. The upcoming payment service will launched in collaboration with its Indian investee startup PayTM.

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