The WeWork India is initiating the process to acquire approximately 1 million sqft of office space in Hyderabad. This workspace will cover four locations in Hyderabad that include the IT hub of Gachibowli.
The sources informed that the company has pre-leased the properties in the first half of 2019 and will venture into the Hyderabad market. WeWork India has expansion plans and the firm is working in the direction to double its workspace upto 6 million square feet by December.
Adam Neumann, CEO and founder, WeWork said that the company is raising funds via an initial public offering. The company operates its business via franchise in India only. The sources also informed that WeWork aims share sale of about $3.5 billion. The listing of WeWork is estimated to be the second-highest for this year while the Uber Technologies Inc stands at $8.1 billion IPO in May.
WeWork is a company owned and controlled by the well-known developer named Embassy Group.
The Embassy group invested $119 million since it has launched WeWork in India. Other than this, Microsoft and Amazon are some of their clients.
Presently, WeWork India has 23 co-working centres out of which nine are based in Bengaluru and Mumbai while the remaining five are operational in Gurugram with a total capacity of 39,000 seats.