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WeWork India lines up Rs 400-cr as annual expansion capex

Friday, 14 Jun 2024
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Flexible workspace provider WeWork India has outlined a Rs 400 crore annual capex plan for significant expansion in major cities of India. This involves adding close to two million sq. ft. of office space annually in seven to eight cities.

The Bengaluru-based co-working major has launched a 1,30,000 sq. ft., 2,000-seater flexible workspace at Olympia Cyberspace in the industrial corridor in Guindy, Chennai. The capex will be met through a mix of own funding and partnerships, such as revenue-sharing deals.

WeWork India operates over 90,000 seats in 55 locations across eight cities, including Chennai, New Delhi, Gurugram, Noida, and Mumbai. Its offerings include co- working spaces at on-demand and shared workspaces basis, and office space solutions. The latter includes private offices and managed office spaces for large enterprises and accounts for 80 percent of the business, 

WeWork Global entered India in partnership with Bengaluru-based Embassy Group, which holds a 73 percent stake in WeWork India. The global firm holds the remaining stake. WeWork India has projected an annual revenue growth at a CAGR of 30 to 40 percent and bottom-line growth at 50 percent.

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