US-based startup WeWork expands India presence, enters Pune
US-based coworking operator WeWork is expanding its India business and foraying into the Pune market where it has taken on lease over an office space of 1.22 lakh sqft to launch 24th centre in the country.
According to sources, WeWork has taken 1,22,165 sqft office space in Panchshil Realty's commercial project 'Panchshil Futura' in Pune, Maharashtra.
This new centre in Pune, expected to be launched early next month, will have a capacity of over 2,000 seats, they added.
At present, WeWork has 23 coworking centres in India with a total capacity 39,000 seats spread over three million sqft area. It has nine centres each in Bengaluru and Mumbai, while another five in Gurugram, Haryana.
When contacted, the spokesperson of WeWork India declined to comment. A spokesperson of JLL India, which facilitated this leasing transaction, too declined to comment.
Last year, WeWork India head Karan Virwani had said that the company offers desks starting from Rs 7,000 and up to Rs 40,000 per month depending on the locations and facilities. He had also mentioned that all of WeWork's centres in India are profitable.
The coworking segment in India has gained momentum in last few years. Already, this segment contributes 15-20 per cent of the total office space leasing.
Apart from WeWork, the other major players include Regus, CoWrks, Awfis, Smartworks, GoWork, , Skootr, Innov8, IndiQube, Avanta, 91 Springboard Creator's Gurukul, GoHive and OneCulture, and Plus Offices, among others.
Founded in 2010 by Adam Neumann and Miguel McKelvey in New York, WeWork is a platform for creators, providing members around the world with space, community, and services through both physical and virtual offerings. Globally, it now has presence in 528 locations in 111 cities across 29 countries. On Wednesday, WeWork announced its plans to raise capital through initial public offering.
Just yesterday, WeWork filed its much anticipated IPO prospectus on Wednesday in the US, where the company also disclosed that it incurred a $900 million loss in the six months period ending June 30, 2019.
(Edited by Evelyn Ratnakumar)