With the third largest hub for startups in the world, India is turning out to be a battleground for e-commerce, payments, fintech amongst several other sectors. Over the years, the meteoric rise in the number of startups also led the birth of many co-working spaces including WeWork.
After setting up firm footing in co-working space across Bengaluru, Mumbai, and Gurugram (Delhi NCR), the SoftBank-backed company is gearing up to launch another offering co-working-cum -living solution – WeLive.
While the exact timing of the launch isn’t known, it may launch the concept which is already operational in New York and London. According to Karan Virwani, general manager at WeWork, India – the company will launch WeLive after figuring out India specific challenges including cost and viable business model.
Through WeLive, the Adam Neuman-led company offers service apartment with facilities such as communal kitchens stocked with dishes and cooking utensils, televisions, cozy furnished bed, Wi-Fi, laundry amongst others.
WeWork believes that shared living would emerge as a viable option, especially for busy professionals and millennials who prefer ready-made community.
WeWork has entered India by weaving a joint venture between the global major and Embassy Group. Globally, it has 230 offices in 71 cities across 21 countries. Companies such as Microsoft, Samsung, GoDaddy amongst thousand others use WeWork.
After launching, a 105,000 square foot space near Bristol Chowk in Gurugram. It also plans to enter Pune, Hyderabad, and Chennai by June this year.Besides, WeWork will also add two centers in existing cities (Delhi NCR, Bengaluru and Mumbai).
At present, coworking-cum-co-living space is in a very nascent stage. There are about half a dozen startups operate in partial coworking cun co-living space. NestAway, Coho, StayAbode, CoLive, Homigo, and ZiffyHomes offer residential facilities near working hubs or clusters in various cities.
Meanwhile, WeLive is a very expensive co-living cum coworking option. It charges over $3,000 a month (about Rs 2 lakh a month). It’s a big amount for Indian entrepreneurs. We assume 90 per cent plus startups founders as well as senior employees can’t afford such community.
Anyway, WeLive will must enact different strategy and pricing for the Indian audience. Still like it’s co-working space, very few startups will afford to live at WeLive!
The development was first reported by Business Standard.