Entry into Chennai market now - Flexible workspace provider WeWork India to invest more than Rs 1200!!
In the next 4 years, flexible workspace provider WeWork India would be investing a huge amount of Rs 1200 cr plus and it would add 2 million sq ft across the metropolitan cities.
It is noteworthy that on Thursday, 13th June 2024, the company announced its grand entry into the Chennai market with a launch of 2000 desks over 1.3lakh sq ft in Olympia Cyberspace. The company would be investing Rs 300 cr to Rs 400 cr every year and this was according to CEO Mr. Karan Virwani. He added that in the top 8 cities in India, WeWork India would add about 2million sq ft. It is superb to note that in Chennai the company would be expanding its business in 3 locations in the next 12 to 18 months.
Point is that this company is operating more than 8million sq ft with 90,000 desks in cities such as Gurugram, Noida, Bengaluru and Mumbai etc. Enterprises include about 80percent of the occupants and the rest 20percent includes entrepreneurs and start-ups. In fiscal year or FY 2024, the company recorded revenue of Rs 1800 cr. In this current fiscal year, year on year top line growth of 30percent is expected.
