WeWork, co-founded by Adam Neumann and Miguel McKelvey, is planning to enter India and is in talks with Bengaluru-based developer Embassy Group for a joint venture. It is valued at $15 billion recently and is a provider of shared office space to small businesses and entrepreneurs. It takes up office space from developers and landlords and then rents it on shorter leases and then arranges for a range of services for its tenants connected through a digital app.
WeWork has spaces across 67 locations in the US, Europe and Israel and is rapidly expanding into new markets. In India, WeWork is likely to initially focus on Bengaluru, Mumbai and the national capital region. It will have multiple locations in each of these cities and would look to take up 50,000-1,00,000 sq ft. Bengaluru, often called the country’s startup capital, recorded its highest ever office space leasing activity during 2015. The city took in net leasing space of 12.3 million sq ft, surpassing the previous record of 11.3 million sq ft set in 2007.
Read more: Times of India
