WeWork India is looking to expand its centres, and it is considering three more locations, two in Delhi and one in Koramangala, Bengaluru. The company, which is a joint venture between WeWork USA and Embassy Group, provides shared workspaces. WeWork is a co-working space provider. WeWork India will start its operations in India from July, once WeWork Galaxy launches with 1.4-lac square feet facility in Bengaluru. By the end this year, the company is looking to open seven centres across the country.
One will be in Whitefield, Bengaluru, and the others in Mumbai and Delhi. The 750-seater property in Bengaluru will be on an 80-feet road in Koramangala. Another one in Delhi will be near the Sikandarpuri metro station. The exact area and rent has not been disclosed yet. Executive Assistant to the CMD at Embassy Group and director of WeWork India, Karan Virwani, said that he is meeting investors, some of them were even part of the WeWork story in the US. Once the investors see a functional model in India, they will start negotiating on capital.
WeWork India has also received queries from Twitter India, Salesforce and Zendesk. Mr. Virwani has declined to comment on the talks with these companies. The Embassy Group currently holds 100 percent stake in WeWork India. It is working with WeWork USA (valued at $18 billion) on a revenue-sharing basis.
“We have invested $25 million in WeWork India as of now and will raise some money this year though the parent company, Embassy Group can internally fund it, if need be. We are looking to raise $100-200 million over the next few years,” Mr. Virwani told ET Realty.