#wework india

Coworking major WeWork India on Tuesday said it has opened two new centres in Pune and Bengaluru, comprising over 1 lakh square feet of office space and 2,000 desks as part of its plan to expand business.

The workspace at WTC Pune spans over 55,000 square feet while Embassy Sunriver in Bengaluru is spread over 61,000 square feet, WeWork India said in a statement.

"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," Karan Virwani, CEO of WeWork India, said.

"Our innovative approach has made a significant impact in revolutionising the flexible workspace ecosystem in India, thereby, encouraging its adoption among the future workforce," he added.

Virwani said the company would continue to expand and grow. "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."

Coworking major WeWork India has taken 660,000 square feet office space on lease in realty firm Bhutani group's commercial project in Noida as part of its expansion plan to meet rising demand of flexible workspace.

"We have given an entire office tower comprising 660,000 square feet, on 15 years lease to WeWork India," Bhutani group CEO Ashish Bhutani told PTI.

The office tower is part of 3 million square feet Bhutani Alphathum project.

Bhutani group owns about 40 per cent of this 660,000 square feet space while the remaining areas have been sold to individual investors, he added. "We have the leasing right for this entire tower on behalf of our investors," Bhutani said.

According to him, the two partners will share revenue in the first two years of operations.

"From the third year onwards monthly rentals will be Rs 55 per square feet," Bhutani said.

It is one of the largest commercial real estate transactions facilitated by real estate advisory firm Colliers India. Set to open in Q4 2022, WeWork Alphathum will house over 8,500 desks.

"We welcome WeWork at Bhutani Alphathum and are committed in providing them with the highest quality of services," Bhutani said.

WeWork India expects 25% growth in revenue for 2020 despite COVID-19

[ad_1]

Co-working major WeWork India expects its revenue to grow by 25% this calendar year as demand for flexible workspace remains strong despite COVID-19 pandemic, its CEO Karan Virwani said on Friday.

WeWork India, which is owned by Bengaluru-based realty firm Embassy Group, has 34 centres comprising 60,000 desks across six major cities. WeWork Global had in 2017 partnered with Embassy…

Global CEO Sandeep Mathrani joins WeWork India board

[ad_1]

BENGALURU : WeWork, the co-working startup backed by SoftBank Group, on Friday said its global CEO Sandeep Mathrani has joined the company’s India board, as it aims to become profitable while navigating the disruption caused by the covid-19 pandemic.

Mathrani’s onboarding follows resignation of Christian Lee, vice-chairman of WeWork Asia and a board member of WeWork…

The arrangement would esteem WeWork's parent organization at about $8 bn

COMPANIES NEWS: SoftBank Group Corp is assuming responsibility for ambushed WeWork, some portion of a salvage financing plan that will see previous CEO Adam Neuman cut off the majority of his residual ties with the organization he helped to establish, as per individuals acquainted with the issue.

The eleventh-hour arrangement tosses a lifesaver to WeWork parent We Co, which was very nearly coming up short on money after a bombed open offering in September. By rescuing probably the greatest speculation, SoftBank will give another opportunity to WeWork to begin once again under new possession. 

It likewise hurls afloat to Neumann, who will surrender his board seat and leave with as much as $1.2 billion just as a $500 million credit line from SoftBank, after it drove him out as CEO a month ago.

Neumann is permitted to sell somewhat under $1 billion of stock to the Japanese combination as a major aspect of the arrangement, said the individuals, who requested to stay mysterious in light of the fact that the understanding hasn't been reported. 

He'll stay as a board spectator and can appoint two board seats, one of the individuals said. Neumann will likewise get a generally $185 million counseling expense. His total assets would, in any case, be at any rate $1 billion, as per counts by the Bloomberg Billionaires Index.