India: WeWork India is set to raise US$100 million from WeWork Global to invest in the sustainable growth of its business.
Karan Virwani, CEO of WeWork India, said: “The fresh round of capital from our long-term partners at WeWork Global represents a vote of confidence in our strategy and will help us serve our community better.”
Virwani added that the flexible workspace industry in India and around the world is facing its biggest challenge yet, but added that WeWork sees a new opportunity that suits its members’ evolving needs. This is driven by “an acceleration towards variable real estate costs, the confidence of safe and well-managed workspaces for their employees, and the growth opportunities that are intrinsic to the WeWork community”.
WeWork India said the coronavirus pandemic has accelerated the shift to flexible workspaces, with businesses of all sizes looking to manage cash flows effectively by moving costs to a variable model.
“Space as a service is a huge opportunity for them to free up cash, and WeWork has the right foundations and experience to provide safe, flexible workspaces,” it added.
Since entering India, WeWork has been providing full service and innovative workspaces with more than 60,000 desks in 34 locations, across six cities. WeWork India laid has off around off 100 employees – around 20 per cent of its workforce – due to the Coronavirus pandemic.
