WeWork's India exit unlikely to hit co-working mkt
Business Standard|June 25, 2024
The exit of WeWork from its India unit is unlikely to have an impact on the country's co-working real estate market, according to industry executives.
RAGHAV AGGARWAL
WeWork's India exit unlikely to hit co-working mkt

The company last week received approval from the Competition Commission of India (CCI) to sell its entire 27.5 per cent stake in the India unit to Real Trustee Advisory Company.

The majority of the stake (72.5 per cent) in WeWork India is owned by Bengaluru-based Embassy Group.

Industry executives said there was a high demand for co-working space in India and investors were keen to enter this space, especially in India.

In a recent report, private-equity advisory firm Avendus said India's flexible (flex) workspace market was projected to reach 126 million square feet (msf) by 2028, up from 61 msf in 2023.

Moreover, the successful ₹599 crore initial public offer (IPO) of Awfis Space Solution Ltd, a co-working space firm, has turned investors more bullish on the sector.

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