WeWork India Boosts Leadership With Key Board Appointments

Coworking major WeWork India has bolstered its leadership team with key appointments to its board of directors, aimed at fuelling the company’s growth.

While Jitendra Mohandas Virwani, the chairman and managing director of Embassy Group, transitions to the role of non-executive chairman at WeWork India, Karan Virwani has now taken on the expanded role of MD and chief executive, PTI reported.

In WeWork India, realty firm Embassy Group holds a 73% stake, while WeWork Global has a 27% shareholding.

WeWork Global, which is a leading provider of flexible workspace, had in June 2021 invested $ 100 Mn in WeWork India.

“Jitendra Mohandas Virwani, chairman and managing director of Embassy Group, steps into the role of non-executive chairman, lending his industry insight to further strengthen WeWork India’s growth strategy,” the Bengaluru-based company said in a statement as cited by PTI.

Mahua Acharya and Anupa Rajiv Sahney have joined as independent directors.

Acharya, who has experience in electric mobility and climate finance, most recently served as MD and CEO of Convergence Energy Services Ltd. Sahney, an advisor, serves on several corporate and advisory boards, including the Harvard South Asia Institute.

Adnan Ahmad, member of the board of directors of WeWork Inc. and senior advisor to Yardi Systems, Inc, will also join the WeWork India board of directors, taking over from David Mayland, vice president, head of corporate development, WeWork Inc.

Additionally, Manoj Kumar Kohli transitioned to independent director in September, enhancing the board’s governance further.

WeWork India continues to expand its presence across the country. Earlier, this year, the company entered the Chennai market with the launch of ‘Olympia Cyberspace’ facility, marking its presence in eight major Indian cities. 

The company has a portfolio of over 6.5 Mn sq. ft across 44 locations in Delhi NCR, Mumbai, Bengaluru, Pune and Hyderabad. 

In June, WeWork India roped in Janak Malkani as the head of managed office for the country and sales lead for the West region. 

The Indian coworking space market is experiencing significant growth. The market is projected to reach  $1.94 Bn in 2024 and grow to  $2.72 Bn by 2029, with a CAGR of 7% during the forecast period.

The company competes with other major players in the Indian coworking market, including 91Springboard, Awfis, The Hive, and Mumbai Coworking.