January 9, 2024Anmol Nagpal

WeWork India chief on 'Work from Office'

People working in tech startups, BFSI, consulting and media were fully back to working from office in 2023, staff at global tech companies in the country were lagging behind, said WeWork India chief.

Source: @WeWorkIndia X handle

Moreover, this movement of employees back to their workplaces is expected to drive up the co-working company’s revenue by up to 30 percent in FY24 to around Rs 1,800 crore.

Source: Pexels

Virwani said that the company has a new space management tool called ‘WeWork Workplace’ that can combine all space types (privately leased/owned, WeWork and WeWork shared) within a single dashboard.

Source: Pexels

This tool would enable its customers to manage their desk requirements across cities and allow their employees to check who is in office when so thy can plan their visits accordingly.

Source: Pexels

Ahead of launching Workplace, WeWork India ran a pilot program which garnered positive feedback from various enterprises, indicating the need for such space management tools.

Source: Thomson Reuters Breakingviews

The tool already has 30 accounts in use by over 6,000 members in India, and over 830 accounts and 151,000 members globally.

Source: WeWork

WeWork India aims to be adding 20,000 seats each year adding to the 6.5 million square feet of assets across 50 locations in New Delhi, Gurugram, Noida, Mumbai, Bengaluru, Pune, and Hyderabad.

Source: Unsplash

In 2022, it secured Rs 550 crore from funds managed by a private credit platform, BPEA Credit to strengthen its reach.

Source: Unsplash

It only pays a management fee to the global entity, which is in the $2-4 million range, as per disclosures made at the end of the June quarter. There is no share in revenues.

Source: Unsplash