Amidst ongoing falling valuation of WeWork and its feud with SoftBank, the former’s India arm WeWork India, is reportedly, launching new spaces across the country, including three in Bengaluru, two in Hyderabad and one in Noida, cited Inc42.
According to sources, WeWork India has planned a total of three office spaces in Noida, and has leased 3 Lakh sq ft space with a capacity to accommodate 3.9K seats.
This development comes on the heels of an ongoing controversy around WeWork’s IPO plans.
Ever since the company filed for its initial public offering (IPO) in August, it has faced flak for losses and its vague business structure and model.
WeWork is an American company, founded by Adam Neumann and Miguel McKelvey in 2010. The company provides shared workspaces for technology startup subculture communities, and services for entrepreneurs, freelancers, startups, small businesses and large enterprises.
At present, WeWork has 26 coworking centres in India with a total capacity 39,000 seats spread over three million sq ft area. It has nine centres each in Bengaluru and Mumbai, while another five in Gurugram, Haryana.
Whereas, multiple media reports have suggested that WeWork directors have been planning to propose the stepping down of WeWork’s global CEO Adam Neumann.
Furthermore, earlier in the media reports, it was suggested that WeWork was in talks to buy around 70 per cent of WeWork India at a valuation of about $2.75 billion.
According to The State of the Startup Ecosystem Report, India has over 300 coworking spaces with over 720 centres and a total area of 15 Mn sq ft.