WeWork India was anticipated to turn profitable post the Rs. 200 crore raise in April 2021. However, in May this year, the main company declared another bulk loss of over $2 billion as it was gearing up for its IPO.
The American flexible workspace provider, WeWork launched its Growth Campus for local startup companies. The corporation will perhaps invest over $3 million in the Indian startup space.
WeWork’s all-new Growth Campus aims to provide startups with convenient access to the company’s workspaces at considerable subsidized rates. The recently launched project will be accessible for every member or entity involved in the startup space including incubators, organizations, investors, accelerators, etc.
The real estate establishment revealed that WeWork Labs will help and support startups to battle the challenges brought by Covid-19 outbreak by cushioning the startup ecosystem with flexible access to operational workspaces, resources for development as well as investment in the startup companies.
Arvind Radhakrishnan, head of WeWork Labs India expressed how the company has always stood up in order to support the growth of small businesses and other local startups in the startup ecosystem by offering resources as well network, while serving facilities as opportunities for cross collaboration. He said, “We are happy to support the development of small businesses which will shape the future of entrepreneurship in the nation.”
From losing $2 billion in 2018 to facing the IPO (Initial Public offering) failure in 2019, WeWork has witnessed an evident downfall over the past few years.
WeWork India was anticipated to turn profitable post the Rs. 200 crore raise in April 2021. However, in May this year, the main company declared another bulk loss of over $2 billion as it was gearing up for its IPO.
What is WeWork about?
Founded in 2010, We Work is an American co-working space providing company which offers flexible workspaces for tech startup corporations from around the world. Not only the shared space for work but it also offers other office services including resources for work operations and networking to entrepreneurs and enterprises. Considering the pandemic scenario, the corporation also facilitates virtual shared spaces for businessmen and other commercial entities.
The New York-based company works under brand names including WeWork, WeWork Labs, WeLive, WeGrow and Rise by We, providing different services including offering rental apartments, educational services through its WeGrow School as well as fitness related services which comprises boot-camp space with yoga studio, workout space, spa, fitness classes, etc.
Who are the founders of WeWork?
WeWork was founded by Adam Neumann and Miguel McKelvey in 2010. Neumann stepped down as the CEO (Chief Executive Officer) of the company and unloaded considerable voting power in 2019 as a consequence of mounting pressure from investors regarding the disclosures presented in its S-1 filing.
How much does WeWork cost in India?
Amid the pandemic unrest in India, where physical workspaces are not accessible due to the covid-19 measures, people are shifting to work-from-home culture. In this regard, WeWork has a major role in providing virtual offices to cater to the workspace and related needs of various groups of corporate individuals as well as enterprises.
The virtual offices are provided at the cost of Rs. 4,500 a month for WeWork’s six-month membership, Rs. 4,000 a month for one-year membership and Rs. 3,000 a month for a two-year membership.
