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Coworking Firm WeWork to Double its Space in India

21Dec By Gauri SinghNo Comments

BUSINESS

Coworking Firm WeWork to Double its Space in India

The provider of coworking workplace We Work is planning to double the coworking space it offers in India to 6 million square feet in 2019. The company is expecting to expand its presence to cities including Chennai, Pune and Hyderabad by the end of next year. The New York-headquartered collaborative workspace firm currently operates 3 million sq ft office space across Bengaluru, Mumbai and Gurgaon. “In India, WeWork started the year with over 5,000 desks and is closing it with 35,000 desks across 21 locations. With a member base of 20,000 in India, we are selling 2,000 desks a month,” said Karan Virwani Karan, chief We-Work executive officer, WeWork India. It was in late 2016 that the company made a foray into the country through a joint venture with Bengaluru-based real estate de...

Coworking Firm 91springboard to Expand its Capacity Six fold to 1.5 lakh Desks

10Dec By Gauri SinghNo Comments

BUSINESS

Coworking Firm 91springboard to Expand its Capacity Six fold to 1.5 lakh Desks

Coworkingspace company called 91springboard is planning to expand its capacity six-fold to 1,50,000 desks in three years from the end of this financial year. The company would openfacilities in more Indian cities. “Currently, we have 20 operational centres and are on track to reach 12,500 desks by the end of thisyear and then 20,000-25,000 desks by March-April 2019. We aim to get 150,000desks by March 2022,” said Varun Chawla, cofounder of 91springboard. It was mentioned that thefirm lately secured funds amounting to $10.2 million from Singapore-basedmarketing technology company FreakOut. The company currently has centres in NewDelhi, Gurugram, Noida, Hyderabad, Bengaluru, Mumbai, Navi Mumbai, Pune andGoa. “We will be expanding in these cities and following this, next round of cit...

9Aug By NitishNo Comments

FUNDING

GoWork in Talks With Investors To Raise $200 mn Funding

Gurugram, August 9, 2018: GoWork, the world’s largest collaborative co-working ecosystem, recently announced its plans to raise $200mn from PE investors during its next funding. GoWork is a thriving ecosystem for entrepreneurship and aims to utilize the funds acquired to realize its massive expansion plans, which includes launching at least 50 campuses across the country in the next 5 years. The expansion will start from top metro cities such as prime regions of Delhi, Mumbai, and Bangalore following a Joint Venture model with big brands and corporates to revamp their existing office spaces, making them more comfortable through a co-working vibe. GoWork, which has already established itself as a pioneer in India’s emerging co-working space has registered an M-o-M growth rate of 37%. ...

Nirmala Sitharaman Asks MPs to Consider Setting up Co-working Space or Incubators in Their Constituency

29Jun By Press Trust of IndiaNo Comments

INDIA

Nirmala Sitharaman Asks MPs to Consider Setting up Co-working Space or Incubators in Their Constituency

Commerce and Industry Minister Nirmala Sitharaman has urged the Members of Parliament (MPs) to consider setting up co-working spaces or incubators for startups in their constituency. In a letter to the MPs, the minister has asked utilising the Members of Parliament Local Area Development Scheme (MPLADS) funds for such initiatives. "This step will promote the startup ecosystem in the country and help startups in their constituency make rapid strides towards establishing themselves and also create jobs," a commerce ministry statement said quoting Sitharaman. The 'Startup India' envisions building a strong ecosystem for nurturing innovation in the country and empowering the budding entrepreneurs to grow through innovation and design. She said the government has been making all-out...

Vacancy of Office Space Lowest in Bengaluru at 4%

12Mar By AdityaNo Comments

News

Vacancy of Office Space Lowest in Bengaluru at 4%

Bengaluru has the lowest vacancy of office space at nearly 4 per cent among the seven major cities on account of robust demand from corporates, according to property consultant JLL India. The demand of office space is expected at 8 million sq ft in the 2017 calendar year against 8.6 million sq ft occupied in last year. "Among the seven major office markets in India, Bengaluru continues to have the lowest vacancy levels at slightly less than 4 per cent," JLL India CEO and Country Head Ramesh Nair said in a report. "In a trend led by the IT capital of India, how can other IT cities be far behind? Pune and Hyderabad too have vacancy levels at over 5 per cent and 9 per cent respectively," he added. The vacancy level in Chennai is around 11 per cent, Mumbai 18 per cent, Kolkata at o...