WeWork in pact with Embassy for India foray
WeWork is entering India through an ‘operating agreement’ with Embassy Group, a leading office space developer in the country.
New York-based WeWork, a tech-enabled platform offering collaborative office services for entrepreneurs and small businesses
Instead of leasing the properties itself, WeWork’s first Indian offices will be paid for by Embassy Group, a Bengaluru-based real estate firm.They plan to open co-working spaces in the city formerly known as Bangalore, as well as Mumbai and New Delhi, by the first half of next year.
Embassy Group will pay for the cost of remodeling the office space to the startup’s design aesthetic. WeWork’s arrangement with Embassy Group isn’t exclusive.
The billionaire Jitu Virwani-led Embassy will operate WeWork drawing upon the latter’s technology design and global network of communities, sources directly aware of the matter said. Co-founded by Adam Neumann and Miguel McKelvey, WeWork will have broad representation and will receive royalty payments for providing knowhow to the local partner in the world’s fastest growing major economy.
The Bengaluru headquartered US shared office company WeWork ties up with Embassy in India aluru-headquartered Embassy will invest around $150 million in WeWork India,which is likely to receive investments from private equity giant Blackstone Group .