WeWork India’s revenue increased by 33% to over Rs 800 crore this year and is expected to grow further in 2022 due to increased demand for its flexible workspaces, according to a company official. In an interview with PTI, WeWork India Chief Executive Officer (CEO) Karan Virwani outlined his vision for the company to become a “one-stop shop” for all workspace requirements.
In response to the growing demand for flexibility, he stated that the company would expand its portfolio by one million square feet, with a capacity of approximately 20,000 desks.
It currently operates 5 million square feet of space in 36 locations, with a seating capacity of 64,000 people. It is currently present in six major cities, including New Delhi-NCR, Mumbai, and Bengaluru. According to Virwani, the recovery in the flexible workspace segment following the second wave of the COVID pandemic has been very strong.
The occupancy level at its various coworking centres has exceeded 75%, allowing its entire portfolio to become profitable in November.
“We were able to grow our business to over Rs 800 crore topline for this calendar year and as of last month we became profitable,” he said.
Virwani said the company had clocked close to Rs 600 crore revenue in the last calendar year. He highlighted that the demand has rebounded strongly to breach even the pre-COVID level.
“Today companies of all sizes, be it 100-year-old company or a startup, are looking at flexible space as the way to move forward.”
Viwarni said the hiring activities in IT/ITeS sector and startups remained buoyant during the last 18 months.”Corporates want to adopt a hybrid model in their real estate strategy as they come out of the pandemic. They (corporates) want multiple products and multiple solutions for how they want to operate.”
WeWork India has launched many products to cater to this evolving demand such as day pass.”WeWork is trying to build a platform that is a one-stop shop for all sort of needs related to workspace,” he said. Virwani said that WeWork as a company and as a platform could provide different products to corporates as per their requirements.
He said the company has been able to cater to the entire range of demand for workspaces and not focus only on enterprises.
