Internationally famed organization WeWork, which is a provider of co-working spaces, including physical and virtual shared spaces, is intending to add 4000 more desks sprawling 2.72 lakh square feet in Bengaluru and Hyderabad.
They have chosen Manyata Tech Park in Bengaluru and RMZ Spire in Hyderabad, and restructured their commercial space which will be operational very soon.Spanning three floors, Manyata Redwood is located within the Manyata Tech Park in Bengaluru and is spread over 1.17 lakh square feet with around 1,700 desks. It is well-connected through the Outer Ring Road, and easily accessible via the Baiyappanahalli Metro Station.
On the other hand, WeWork India’s flagship property in Hyderabad, RMZ Spire in HITEC City is spread approximately across 1.54 lakh sq ft with four floors, accommodating nearly 2,220 desks.
Head of Real Estate, Product, and Procurement, WeWork India, quoted, “With the addition of Manyata Redwood and RMZ Spire, we are reaffirming our commitment to providing businesses with cutting-edge, flexible workspace solutions. We are focused on meeting the industry’s increasing demands through a superior workspace experience, built upon WeWork India’s principles of flexibility, and community.”
Last week, WeWork which was once a high-flying startup with a valuation of $47 billion at its peak filed for bankruptcy. The company said that WeWork’s locations outside of the US and Canada are not part of the bankruptcy process and accordingly its franchisees around the world are not affected by these proceedings. WeWork has a 27% shareholding in WeWork India. WeWork India claims that it has been profitable since 2021 and its revenues grew by 40% since last year to touch Rs. 400 crore during the June quarter.
Regarding the Soft Bank Bankruptcy issue CEO of WeWork India, Karan Virwani said, “It is a separate entity in itself, and we are not a part of this strategic reorganisation process. The Chapter 11 filing does not impact the operations of the global entity as it continues to remain in possession of its business, operating as usual.”
Bengaluru-based real estate firm Embassy Group has a 73 per cent stake in WeWork India, while WeWork Global has a 27 per cent shareholding.
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