Thoughtcataloges

We Work looks to double its presence to 20 locations in India this year

US-based co-working firm WeWork is ramping up its presence in India with plans to open more locations in ​​Bengaluru, Mumbai and Gurugram to have over 35,000 seats in the country by the end of this year.

The company, which has about 12,000 seats across these three cities, is also looking at establishing co-working spaces in Chennai, Pune and Hyderabad next year. 

"We have been open for a year and we have grown very quickly. We started with 2,200 desks and we are now over 10,000 members which is pretty amazing," said Ryan Bennett, Chief WeWork Officer at the company.

"We are continuing to grow at a strong pace, we have four locations in Mumbai, four in Bengaluru and one in Gurugram currently. By the end of the year, we will have 5 locations in Gurugram, 10 in Mumbai and 8 in Bengaluru," he noted. 

Apart from entrepreneurs and startups, companies like Discovery India, GoDaddy, Twitter and Jaguar Land Rover use WeWork spaces in India. 

Many individuals, startups and even larger enterprises are signing up for co-working spaces instead of conventional office spaces for a variety of reasons, including lower rentals, savings on operational costs and a more flexible work environment. 

"Within six months, almost all of our locations are at 90% occupancy. We are putting a lot of money into growth right... We are not competing with co-working spaces but traditional workspaces and real estate," said Bennett. 

SoftBank Group-backed WeWork is now introducing an enterprise solution - Powered by We - under which its team will design and manage the workspace for larger companies. 

Other players in the co-working segment in India include Awfis, Innov8, CoWrks and Indiqube. Last week, Awfis raised $20 million in series C funding from its existing investors that includes Sequoia India, InnoVen Capital and The Three Sisters: Institutional Office (TTS:IO) led by Radha Kapoor while IndiQube raised Rs 100 crore from WestBridge Capital with participation from Helion Ventures co-founder Ashish Gupta.