NEW DELHI: At the same time as US-based co-working startup WeWork has filed for chapter, WeWork India’s growthplans are on observe and the corporate is including new areas in South India. The agency by which Bengaluru-based actual property main Embassy Group holds a majority 73% stake stated that it has signed lease agreements for 2 new buildings—Manyata Redwood in Bengaluru and RMZ Spire in Hyderabad.“WeWork India’s continued growth with ManyataRedwood and RMZ Spire exemplifies its reliability as a model and it’s a robust reflection of its relationships with all stakeholders together with landlords, IPCs (worldwide property consultants) and members,” the corporate stated in a press release on Thursday.
The brand new buildings will collectively add over 4,000 desks unfold throughout 2,72,000 sq. toes to its present portfolio throughout 50 areas in seven cities with greater than 6.5 million sq. ft of belongings. WeWork already has some workplaces areas in Bengaluru’s Manyata Redwood and the addition can be an extension to its portfolio within the metropolis. Arnav S Gusain, head of actual property, product and procurement at WeWork India stated that with extra workers throughout organisations coming again to workplaces, there was a surge in demand for versatile workspaces throughout India.
Final week, WeWork which was as soon as a high-flying startup with a valuation of $47 billion at its peak filed for chapter. The corporate stated that WeWork’s areas exterior of the US and Canada usually are not a part of the chapter course of and accordingly its franchisees world wide usually are not affected by these proceedings. WeWork has a 27% shareholding in WeWork India. Hassle at WeWork unfolded following a failed try at going public in 2019 and the pandemic which crippled companies working within the shared workplace areas market.
WeWork India claims that it has been worthwhile since 2021 and its revenues grew by 40% since final 12 months to the touch Rs 400 crore throughout the June quarter.
The brand new buildings will collectively add over 4,000 desks unfold throughout 2,72,000 sq. toes to its present portfolio throughout 50 areas in seven cities with greater than 6.5 million sq. ft of belongings. WeWork already has some workplaces areas in Bengaluru’s Manyata Redwood and the addition can be an extension to its portfolio within the metropolis. Arnav S Gusain, head of actual property, product and procurement at WeWork India stated that with extra workers throughout organisations coming again to workplaces, there was a surge in demand for versatile workspaces throughout India.
Final week, WeWork which was as soon as a high-flying startup with a valuation of $47 billion at its peak filed for chapter. The corporate stated that WeWork’s areas exterior of the US and Canada usually are not a part of the chapter course of and accordingly its franchisees world wide usually are not affected by these proceedings. WeWork has a 27% shareholding in WeWork India. Hassle at WeWork unfolded following a failed try at going public in 2019 and the pandemic which crippled companies working within the shared workplace areas market.
WeWork India claims that it has been worthwhile since 2021 and its revenues grew by 40% since final 12 months to the touch Rs 400 crore throughout the June quarter.
