WeWork India plans to add 1 million sq ft co-working space by 2022
- ByTejika Bajaj | December 20, 2021
Bengaluru based co-working space startup WeWork India plans to expand its portfolio of coworking space by one million square feet in 2022, as corporations embrace flexibility in their work models. Buoyed by solid demand over the last year, the flexible shared workspace company has turned profitable.
Expressing his views on the growth of the company, the CEO of WeWork India, Karan Virani said, “Over 50% of the planned expansion for next year is already pre-committed by some large companies who are booking flexibility and hybrid office structures. Last year was a challenging period for the industry due to the lockdown, but we have again turned profitable last month and are continuing to maintain our growth.”
The coworking firm is set to post revenue of Rs 800 crore for 2021 and is looking to double that in 2022.The company has seen a strong revival in demand and has leased more than 1.7 million square feet of office space to large enterprises and smaller firms in 2021.
WeWork continues to remain bullish and focus on the growth of flexible workspaces in the country and has closed some large deals running between 200,000 and 300,000 square feet, the India CEO said.
The company plans to raise capital to fuel its expansion plans. “Since we are profitable, we don’t need much capital, but there will be some fundraising,” said Virwani.
WeWork is present in 36 locations and has a total of 64,000 desks across markets including Bengaluru, Gurugram and Mumbai, with 5 million square feet of office space. It plans to add around 25,000 desks in 2022.
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