WeWork which provides shared workspaces will have 7 centres in India by the end of 2017. WeWork India, a joint venture between Embassy Group and US headquartered coworking space provider WeWork, will begin its India operations with the launch of WeWork Galaxy, a 1.4-lakh sq ft facility in Bengaluru, in July. It is targeting to set up a total of seven centres across the country by 2017-end, including one in Whitefield, Bengaluru, and additional locations in Mumbai and Delhi.
Negotiations on raising external capital will be concluded by the year end, once the investors analyse it’s performance in terms of India Operations. Approximately $25 million has been invested in WeWork India as of now and it will raise some money this year though the parent company, Embassy Group can internally fund it, if need be. Embassy group holds 100% stake in WeWork India and is working on a revenue share basis with WeWork US which is currently valued at $18 billion.