WeWork India, the Indian arm of co-working space provider WeWork, has reportedly announced an Employee Stock Ownership Plan (ESOP) liquidation scheme that allows its employees to surrender up to 25% of their vested stock options. According to reports, the scheme is aimed at providing liquidity to the company’s employees amid the ongoing COVID-19 pandemic. WeWork India has reportedly faced a decline in demand for shared office spaces in recent times due to the pandemic, leading to a fall in revenue. As a result, the company has been taking various measures to reduce its costs and improve its financial position. The ESOP liquidation scheme is expected to provide some relief to the company’s employees, who have been impacted by the pandemic.
It’s interesting to see that the company is adopting an employee-first approach and is committed to wealth creation and empowering people through its ESOP surrender plan. It’s also notable that WeWork India operates on the franchise model and has expanded to 45 locations across six major Indian cities. With its focus on serving both enterprises and startups, it seems that WeWork India has a diverse customer base that helps to drive its revenue.
WeWork India has expanded rapidly since its inception in 2017 and currently operates in 45 locations across six major Indian cities, including Bengaluru, Mumbai, Gurugram, Noida, Hyderabad, and Pune. The company claims to have more than 6.5 million square feet of signed assets and a member base of over 62,000 people who use its flexible workspace solutions. WeWork India operates as a joint venture between Embassy Group and WeWork International, and it follows a franchise model to offer flexible workspace solutions for both enterprises and startups. The company provides co-working spaces, private offices, meeting rooms, and virtual offices, among other services.