Bengaluru-based Embassy Group, a major player in Indian commercial real estate that launched India''s first REIT earlier this year, had partnered US-based WeWork in 2016 to enter into co-working business.
Co-working major WeWork India, owned by realty firm Embassy Group, has expanded its operations by adding two new centres in Mumbai and Bengaluru comprising 4,350 seating capacities to meet growing demand of flexible workspace.
In Mumbai, the coworking centre is located at Nesco IT Park and will have 3,400 desks; while 950-seater centre has been opened in Prestige Cube, Bengaluru. The total area leased in these two centres is 1.15 lakh sq ft.
- Jio Fiber postpaid broadband internet with 'zero upfront entry' cost launched in India: Plans, pricing and all you need to know
- Global network for firms, investors, in blockchain's decentralized finance enters India to back startups
- Kotak Mahindra Life Insurance arm expects to incur up to Rs 275 cr loss in June quarter
Karan Virwani, CEO of WeWork India, said, “This is a thriving time for the workspace industry with demand at an all time high.” WeWork recently opened a centre in Worli, Mumbai with a desk capacity of 600.
“Mumbai is the financial capital of India with one of the fastest growing and most diverse population of entrepreneurs, startups and established multinationals which are in search of a dynamic workspace environment that caters to their needs. Bengaluru as well continues to display high demand for office spaces,” he added.
With the launch of these two new centres, WeWork India has over 57,000 desks in 34 locations across NCR, Mumbai, Bengaluru, Pune and Hyderabad. The seats are available in range of Rs 5,000-40,000 per desk per month.
The company plans to raise USD 200 million (around Rs 1,400 crore) to expand business and expects to be profitable at the entity level in one year, Virwani had said last year.
Bengaluru-based Embassy Group, a major player in Indian commercial real estate that launched India”s first REIT earlier this year, had partnered US-based WeWork in 2016 to enter into co-working business.