Years back, workspaces used to be incredibly simple. Soon, cubicles were introduced and the concept of open offices came into being with the aim to encourage collaboration, productivity, and creativity. However, this approach wasn’t that effective either. Then, the concept of a co-working space was introduced. A space that allowed companies to make use of the same vibe and facilities without outrightly acquiring them.

And then, WeWork came and turned out to be a game changer. Today, WeWork is a global leader because it has managed to take the concept of a co-working space to a different level. In this article, we are going to learn how WeWork built its India success story. Let’s begin!

About WeWork

Miguel McKelvey and Adam Neumann founded WeWork in 2010. Currently, Adam is the CEO and Co-Founder of the company while Miquel is the Chief Creative Officer, Co-Founder, directing all design, construction, and architectural activities.

WeWork is currently spread across 23 countries and over 320 locations worldwide. It is located in 240 locations in the States and it also has startup hotspots such as Israel, Germany, and China. The company has also taken over India with its spaces in Delhi NCR, Bengaluru, and Mumbai. The company is well-known to house corporate giants such as Microsoft and IBM.

WeWork was established with the aim to transform traditional workspaces into environments that encourage and empower working folks while igniting a spirit of collaboration inside them. It is also built on the idea to meet the professional requirements of today’s entrepreneurial and creative workforce.

The company has been successful in building such spaces across the world and it also has a strong network worldwide. WeWork has also made its mark in India and it is growing rapidly.

How has WeWork gained success in India

According to WeWork, the workplace of an entrepreneur is where all their dreams turn into reality. Their workplace is their world and it must offer them whatever they need so that they can work in the best possible ways. This simply means that WeWork believes in enhancing a workplace to a level that encourages the workforce to do their best.

It is an incredibly challenging task to find and set up an office while also dealing with lawyers, landlords, and contractors. WeWork makes this daunting process easier as it offers the right logistics, environment, technology, and infrastructure to allow entrepreneurs to focus on what matters. WeWork measures its success by analysing personal fulfilment.

• Impressive workspaces that scream collaboration

Looking at a WeWork space will help you understand how workplaces are not just functional and aesthetics, but they can also be highly collaborative. WeWork workspaces also have room for all types of team sizes. This means that WeWork allows teams to grow within its space.

• Access a global network

Apart from the impeccable workplaces that WeWork comes with, it also allows you to be a part of a global network online as well as in person. It gives you access to potential clients within the same workplace. It also allows you to create and collaborate with others while succeeding together. It also allows the workforce to connect with like-minded people.

• Access interesting business opportunities, events, and networking

WeWork often holds formal and informal events allowing members to take advantage of looking for mentors, finding talent, making the most of business opportunities, and more. It allows individuals to connect with other people as well. It offers an environment that encourages you to thrive.

• Support system

It also gives you complete access to IT support, health care, payroll, legal services, and payment processing. Access to these facilities ensures the workforce can spend time on everything that’s important and gets rid of problems that consume your precious time and energy.

Lastly, WeWork’s founders have the ultimate vision to create a platform for those with a vision to change the world and are looking for a creative space to be able to do so.

WeWork’s way to success in India

WeWork India is growing at an increased pace as its revenue has grown by 70% to approximately Rs. 1,300 crores in 2022. Virwani has stated, “We will be at 6.5 million square feet (MSF) of space and 76,000 desks by the end of March 2023. The portfolio is at about 90 per cent occupancy across markets, with buildings making healthy margins.”

He also said that the space is also facing conviction as it is being demanded by companies such as Commonwealth Bank of Australia, and ICICI Bank, who are going to expect to have their own office space.

WeWork expects its revenue to grow by 50 to 70 per cent in 2023 which is going to be driven by 90% occupancy levels with an addition of around 20,000 desks during that time. It aims to grow its revenue by 33% in 2023 at Rs. 1,000 crores. Presently, the company is operating in 6 tier-1 cities spread across 41 locations. It has planned to expand to the top 6 to 8 cities in India over a span of 3 to 5 years.

One of the company’s biggest accomplishments in India has been Grant Thornton, a big corporation which has taken up WeWork’s flexi workplace for around 12,000 employees. This means that 70% of Grant Thornton’s employees can choose to take a desk in that rented workspace whenever they want to, and they will be allotted the desks on a first-come-first-serve basis.

Moreover, WeWork India is also set to charge an additional cost apart from the recurring monthly rent. The additional cost is going to be for any sort of top-ups requisitioned every month.

In this article, we discussed how WeWork has made its way to success in India and how it will continue to rapidly grow in the country. We hope this guide has helped you understand WeWork's concept and has answered all your questions. All in all, we conclude that the company has already gained success in India and it is set to only grow further.