Adam Neumann’s WeWork didn’t work. But India’s flexible workspace startups can do well. Here’s why.
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Adam Neumann, co-founder and chief executive officer, WeWork
Synopsis
In India, flexible office spaces is a thriving business. The segment is mostly dominated by startups, and there are hardly any listed players. With demand touching new highs every month, the segment offers immense growth potential for startups which can strike the right balance between risk and stability.
WeWork founder Adam Neumann’s dream office has become an investors’ nightmare. From commanding a pre-IPO valuation of USD47 billion in 2019 to listing via SPAC (special purpose acquisition company) in October 2021 at USD8 billion to finally settling at a market cap of USD44 million earlier this month, WeWork has burned cash faster than jet fuel. Since its listing, the co-working startup has lost 99%. After 13 years of operations, WeWork finally
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