BENGALURU: WeWork India is in the process of taking up around 1 million sq ft of office space in Hyderabad. The facilities will be spread across four locations in Hyderabad, including the IT hub of Gachibowli.“The firm has pre-leased the properties in the first half of 2019 and this marks its entry in the Hyderabad market,” said a person aware of the deal.
The company plans to double its space to 6 million square feet by the end of this year.
The We Company, known as WeWork, led by CEO and founder Adam Neumann is in the process of raising funds through an initial public offering.
India is the only location in the world where WeWork operates through a franchise. WeWork’s affiliate in India is a firm set up, owned and controlled by real estate developer Embassy Group.
Since the launch of WeWork in India, the Embassy Group has invested $119 million in the WeWork affiliate. Apart from various startups, it also counts large companies including Microsoft and Amazon among the clients.
At present, WeWork India has 23 co-working centres — nine each in Bengaluru and Mumbai, and another five in Gurugram — totalling 39,000 seats.