WeWork India, the leading and largest flexible workspace provider in India, announced plans to expand its operations in the country by signing lease agreements for two new buildings - HQ27 in Gurugram and Amanora Crest in Pune. Scheduled to open in the next couple of months, both buildings are strategically located in key business hubs, and will reinvent the workspace experience for professionals and enterprises alike.

Located in the heart of Gurugram's MG Road market, HQ27 offers over 96,000 sq. ft. of meticulously designed workspace spread across three floors. With more than 1,480 desks and amenities, HQ27 sets a new benchmark for contemporary work environments. Its strategic positioning between IFFCO Chowk and HUDA City Centre Metro Stations ensures excellent connectivity with key landmarks such as Galleria Market, The Westin, and Fortis Hospital in close proximity. HQ27 is also conveniently situated near DLF Golf and Country Club, Taj City Centre, and The Westin Gurgaon, offering easy access to premier hospitality and recreational facilities.

The collaboration on HQ27 underscores the value WeWork brings to developers. The collaboration on HQ27 marks a significant milestone for WeWork India, as it underscores the value it brings to marquee developers across the country, highlighting how it enhances the value of their assets and tenancy mix.

Similarly, Amanora Crest is situated within Pune's largest mall complex - Amanora Mall. Amanora Crest offers over 87,000 sq. ft. of versatile workspace. With more than 1,700 desks and amenities, this location redefines the modern workspace concept. Its prime location within the Amanora Mall conveniently offers a diverse range of dining and entertainment options that are readily accessible to employees and visitors. With easy access to Amanora Bus Stop, Pune Airport and the Railway Station, the space provides excellent connectivity.

With Amanora Crest, WeWork India will engage in an owner-operator model, with the CAPEX investment & ownership of P&L resting with the landlord. This is indicative of a larger shift in landlord perspective towards the flexible workspace industry, and their trust in WeWork India's business expertise. Today, leading developers and landlords across the country prefer to associate with WeWork India, further highlighting the strength of their India business and their value addition to the asset & tenant mix.

Commenting on the expansion, Arnav S Gusain of WeWork India said there has been consistent growth in office leasing led by flexible workspaces. WeWork India recognizes potential in established hubs and the flex market. As hybrid work rises, they expect strong flex space demand to continue. Gusain is optimistic that the new locations will address holistic, tech-enabled solutions while enhancing experiences.

Recently, Embassy Group also said that it will acquire WeWork Inc.'s 27% stake in WeWork India for approximately INR 700 crore (USD 85 million), marking WeWork Inc.'s exit from WeWork India. Currently, Embassy Group, the promoter of WeWork India, owns 73% of the firm. So, this acquisition would make it a wholly Embassy-owned entity.

Alongside this, Enam Holdings, a financial services group led by Akash Bhansali and his family members, declared that it will acquire a 40% stake in WeWork India for INR 1,200 crore through a secondary share sale. This move demonstrates Enam's confidence in the potential of the Indian flexible workspace market, estimated to grow to a 12% share of the overall commercial office space market by 2028, up from 7% in 2023 (as per Avendus Capital).

WeWork India presently has over 70,000 members, which grew by 18% during FY24, and maintains a healthy average occupancy rate of 82%. It currently operates over 90,000 desks across 8 million square feet of office space in seven major cities. They recently announced their entry into the Chennai market as well. WeWork India had posted a turnover of INR 1,400 crore during the 2022-23 fiscal year. This positive performance is a key factor driving the shareholder restructuring and attracting new investors like Enam Holdings.

WeWork India's continued expansion across cities exemplifies its reliability as a brand and is a reflection of its strong relationships with all stakeholders, including landlords, IPCs and members. Through a commitment to innovation and diverse product solutions, WeWork India is well-positioned to sustain its growth trajectory.