WeWork | Pixr8 News

2Mar By AdityaNo Comments

News

WeWork Fired 300 Employees

The giant co-working space company WeWork which now known as the We Company fired 300 employees which are 3% of its total staff, as per the report by TechCrunch. Head office based in New York, WeWork raises total $8 billion funding and valued at a whopping $47 billion. SoftBank Vision Fund is the largest shareholder in the company, invested $2 billion in January. The company employs 10,000 people around the world. As per the sources, the reason behind the layoffs was performance and the company’s routine process of shedding underperformers. Most of the layoffs happen in WeWork’s engineering team, product and user experience design. “Over the past nine years, WeWork has grown into one of the largest global physical networks thanks to the hard work and dedication of our team,” ...

WeWork Enters into Food Business, Invests $32 Million in Larid Superfood

13Jan By NitishNo Comments

FUNDING

WeWork Enters into Food Business, Invests $32 Million in Larid Superfood

Laird Superfood, maker of assorted superfood products, secured $32 million in a private funding round that included WeWork as an investor. This latest round of funding will support an increase in product development, acquisitions and significant growth at Laird Superfood's Sisters, Ore based headquarters. "We are incredibly grateful to our investors and the community for their continued support. Our expansion will enable us to grow our product offerings, make room for even greater innovation and double down on our presence in the industry. This growth will add a great number of jobs in Sisters and the surrounding communities, across a variety of departments, and allow us to continue to stimulate our local economy," said Paul Hodge, CEO and co-founder of Laird Superfood. Laird Hamilt...

WeWork Raises $2 billion after SoftBank cuts $20 billion Planned Investment

9Jan By AdityaNo Comments

FUNDING

WeWork Raises $2 billion after SoftBank cuts $20 billion Planned Investment

World's leading co-working space provider WeWork raises $2 billion from Softbank in a deal that is billions of dollars below what WeWork hoped. The initial amount that WeWork and Softbank discussed was $20 billion funding to fund the growth of the company and buy out existing shareholders. With the recent funding round, Softbank Group Corp’s invested total $10.4 billion in WeWork including $4.4 billion in 2017 and $6 billion in 2018 and 2019. The initial plan was to invest $10 billion in SoftBank money to fund WeWork’s growth plans and use another $10 billion to buy out employees and other existing investors, according to a person familiar with the matter. That proposal would have given SoftBank majority control of WeWork. Reducing the investment leaves WeWork with $1 billio...

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...

SoftBank Corp Invests in the Co-working Giant WeWork Yet Again

14Nov By Gauri SinghNo Comments

BUSINESS

SoftBank Corp Invests in the Co-working Giant WeWork Yet Again

SoftBank Corp has reportedly invested another $3 billion in financing into the co-working major WeWork. The deal comes in the form of a warrant, allowing SoftBank to pay $3 billion for the opportunity to buy shares before September 2019 at a price of $110 or higher. This will value WeWork at $42 billion minimum. In August, SoftBank Corp invested $1 billion in WeWork in the form of a convertible note. Following this deal, SoftBank will pay WeWork $1.5 billion on January 15, 2019 and another $1.5 billion on April 15. SoftBank is far and away WeWork’s biggest investor, with SoftBank Vision Fund having poured $4.4 billion into the company just last year. More than physical land, WeWork wants to be the central connective tissue for work in general. The company often strikes deals with ...

WeWork-owned Meetup Appoints David Siegel as the CEO

31Oct By Gauri SinghNo Comments

News

WeWork-owned Meetup Appoints David Siegel as the CEO

New York-based firm Meetup that is owned by WeWork has announced the appointment of David Siegel as the CEO of the company. Earlier this year, The company’s founder and CEO Scott Heiferman moved into the chairman position, leaving the CEO role vacant, and thus, this appointment has taken place. David Siegel will now be taking the helm at the 15-year-old company Meetup. Prior to this, he has been the CEO of Investopedia for three years, tripling the company’s revenue and doubling its traffic in that period. Even before that, Siegel was president of Seeking Alpha, overseeing U.S.-based functions including sales, marketing, product and bizdev. At the end of 2017, co-working major WeWork acquired Meetup for around $200 million. “In a world where technology often drives greater distances...

WeWork India Expands its Footprints in Mumbai & Bengaluru

22Oct By Gauri SinghNo Comments

BUSINESS

WeWork India Expands its Footprints in Mumbai & Bengaluru

The Indian arm of the popular co-working company WeWork that is based in New York has picked up 0.5 million sq ft office space in one of the largest deals by a co-working company. The space has been leased across four locations in two major property markets of Mumbai Metropolitan Region and Bangalore. This would push the company’s total portfolio to nearly 2 million sq ft. Bengaluru, drop by our newest workspace on Old Madras Road. To know more: https://t.co/T2MR7hQtTS#weworkindia pic.twitter.com/cad53LYhpE — WeWork India (@WeWorkIndia) October 15, 2018 Out of this, the largest lease is for nearly 2 lakh sq ft in Navi Mumbai, followed by nearly 1.5 lakh sq ft in Bangalore. Talking about the details, the leases have tenure of total 20 years including initial term...

US-Based WeWork has Launched ‘WeWork Labs’ in India

5Oct By Gauri SinghNo Comments

BUSINESS

US-Based WeWork has Launched ‘WeWork Labs’ in India

The popular co-working firm WeWork which is based in the US has launched 'WeWork Labs' in India. This has been done to help early-stage startups in the country get access to investment, resources and mentorship from its global network of members to help these fledgling companies expand their business. Apart from this, the service has also been expanded to its co-working spaces in countries like the US, China, Korea, Brazil and Israel and others. "India is among the largest start-up nations and is poised to continue growing at a significant pace. While there are programmes running in India that offer incubation and acceleration to start-ups, we believe the scale has to be increased manifold," WeWork Labs Senior Vice President and Global Head Roee Adler stated. At present, about 1,0...

Softbank Net Profit Surges Record 50 Fold After Flipkart Acquisition

7Aug By PriyankaNo Comments

BUSINESS

Softbank Net Profit Surges Record 50 Fold After Flipkart Acquisition

Masayoshi Son led Japanese leading tech company SoftBank net profit soared more than 50-fold from a year earlier to 313.7 billion yen (USD 2.8 billion) in the latest quarter thanks to Flipkart acquisition and coworking space Wework growth in India. Last year in the same quarter, SoftBank's profits slumped to 5.5 billion yen due to its investment in Chinese e-commerce company Alibaba. Sales in the April-June quarter edged up 4 percent to 2.3 trillion yen. The value of the fund's stake in Flipkart increased 164.3 billion yen after Walmart agreed in May to buy it. Sales were flat at SoftBank's U.S. mobile provider Sprint, dropping 0.4 percent to USD 8.1 billion. The Tokyo-based company realized a one-time gain of 161.3 billion yen from the sale of a large share in the Chinese o...

WeWork To Expand its Existence to 20 Locations in India

1Aug By Gauri SinghNo Comments

BUSINESS

WeWork To Expand its Existence to 20 Locations in India

WeWork, a popular co-working venture which is a US-based firm is accelerating up to expand its existence in India. The firm is planning to set up more locations in areas such as Bengaluru, Mumbai and Gurugram with an aim to have over 35,000 seats in the country by the end of this year. Currently, the firm has its existence in only three of these cities in the country with about 12,000 seats. However, now it is also looking to establish co-working spaces in Chennai, Pune and Hyderabad next year. "We have been open for a year and we have grown very quickly. We started with 2,200 desks and we are now over 10,000 members which is pretty amazing," said Ryan Bennett, Chief WeWork Officer. These days co-working has become a very convenient option for not only startups but big companies as we...

28Jul By AnkitaNo Comments

CHINA

China’s WeWork Secures $500 Million In a Fresh Funding Round

The Chinese subsidiary of coworking space, WeWork has raised a US$500 million Series B funding round led by Trustbridge Partners, Temasek, SoftBank Group, SoftBank Vision Fund and Hony Capital, according to the reports. WeWork's big raise comes days after Hong Kong’s Campfire pulled in $18 million and Awfis in India raised $20 million. The company launched into China two years ago and currently, it covers Beijing, Shanghai and Chengdu with nearly 40 locations. It consists of 20,000 members, and it is also active in Hong Kong (Greater China). The new capital comes from Trustbridge Partners, Singapore’s Temasek, SoftBank, SoftBank’s Vision Fund and Hony Capital. WeWork said it’ll be used for expansion into six new cities: those are Shenzhen, Suzhou, Hangzhou, Chengdu, Nanjing, and Wuh...

WeWork India Eyeing to Raise $200 Mn from Goldman and Warburg

31May By Lavina TolaniNo Comments

FUNDING

WeWork India Eyeing to Raise $200 Mn from Goldman and Warburg

The Indian wing of Co-working mammoth WeWork lead by billionaire developer Jitu Virwani of Embassy Group is in talks with global leaders Goldman Sachs and Warburg Pincus to raise $200 million. This will land the local's unit to earn a unicorn status nearing valuation of $1 Billion. As per the sources, Goldman, Warburg eye $200 million stakes in WeWork India. WeWork in India is operated exclusively by Virwani and Embassy under a deal that materialised two years ago. Since, then the co-working pioneer has made significant leaps in the country with 12,000 desks in operation currently, which it plans to double by the end of this year. Additionally, India is the sole big market where New York-based WeWork-valued last at $20 Bn has successfully struck an exclusive deal to operate in India....