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Business News/ Companies / News/  WeWork India launches virtual offices
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WeWork India launches virtual offices

The flexible workspace provider will help businesses and self-employed individuals with a professional address at a central business district where its 35 workspaces are located, as well as in non-metros

In April, WeWork raised ₹200 crore in a mix of debt and equity, and last year, WeWork Global had committed $100 million in its Indian arm. (REUTERS)Premium
In April, WeWork raised 200 crore in a mix of debt and equity, and last year, WeWork Global had committed $100 million in its Indian arm. (REUTERS)

Bengaluru: WeWork India on Monday said it has launched a 'Virtual Office' service for businesses and self-employed individuals where the latter can use one of its office addresses for their official communication or government formalities.

This comes at a time when both traditional offices and co-working centres have been impacted due to the second wave of the pandemic, and physical occupancy levels have been low even after some recovery between January and March.

The flexible workspace provider will help them with a professional address at a central business district where its 35 workspaces are located as well as in non-metros, which are now in need of more office space. This will help in facilitating wider networking opportunities, expansion of talent base, without incurring large expenditures.

The offering which was running in its pilot phase has already seen over 100 companies setting up their virtual offices.

“At WeWork, we are constantly working towards anticipating and creating workspace solutions that suit varied business requirements. With the launch of WeWork Virtual Office, we are providing a distinctive option to businesses and individuals that need a prime office address along with a host of added benefits. Facilitating the same with an entirely online process is another step in enabling ease of work and introducing them to our member first culture with which we welcome them at WeWork," said Vinayak Parameswaran, Head of Corporate Finance and Innovation at WeWork India.

The Virtual Offices product is offered at 4,500 per month for a six-month membership, 4,000 per month for a year’s membership and 3,000 per month for a 24-months membership.

Some of the benefits bundled into the offering include mail handling and storage facilities, ability to use credits to access meeting rooms or to use them as day passes across the entire WeWork network in India. These benefits can be availed by any employee in these companies as well. WeWork would also look into expansion of the service across smaller cities.

During the pandemic last year, when physical occupancy in most co-working centres were very low, WeWork started offering services such as ‘On Demand’ for easy one day access to any of its centres at an introductory price of 500, ‘WeWork Business Solutions’ for cost-effective and curated solutions like accounting and finance services, legal and tax advisory, insurance for its members.

It also offers its members WeWork All Access, that provides access to any of its locations that is most convenient to them.

In April, WeWork raised 200 crore in a mix of debt and equity, and last year, WeWork Global had committed $100 million in its Indian arm.

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ABOUT THE AUTHOR
Madhurima Nandy
I am a part of the long story team at Mint, and write on real estate, infrastructure, e-commerce, urban issues among others. I have over 20 years of experience as a journalist. As a long-story writer, I tell stories behind the news to capture the larger picture through an analytical lens, with authenticity.
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Published: 28 Jun 2021, 12:21 PM IST
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