WeWork’s revenue dips 8% to $811 million in Q2 FY21, Real Estate News, ET RealEstate

NEW YORK: WeWork Companies LLC’s revenue declined in the third quarter but its cash burn slowed, a company memo showed on Thursday, with management confident the shared-workplace provider can weather the hit to the office sector from COVID-19. Quarterly revenue slid 8% from the second quarter to $811 million, while the company posted cash burn […]

Sandeep Mathrani, CEO, Real Estate News, ET RealEstate

NEW DELHI: Co-working major WeWork will focus on achieving profitable growth globally, including in India, in 2021 by increasing the occupancy level of its real estate portfolio, the company’s CEO Sandeep Mathrani said. Further, Softbank backed-WeWork will revisit its plan to launch an initial public issue (IPO) only after it becomes profitable, said Mathrani, who […]

Court filing, Real Estate News, ET RealEstate

BOSTON | BENGALURU: SoftBank Group CEO Masayoshi Son told the executive he tasked to turn around WeWork after its botched initial public offering to “use whatever excuse” to delay a $3 billion payout to the office-sharing startup’s shareholders, a court transcript released on Wednesday showed. The transcript, part of a Delaware court filing, provides new […]

The We Company reverts to WeWork name, Real Estate News, ET RealEstate

NEW YORK: The We Company, parent of money-losing shared office provider WeWork, which last year yanked plans to go public after harsh criticism over its business model and erratic management, is dropping the “we” moniker to revert to its better-known name, according to an internal memo seen by Reuters. Restoration of WeWork as the official […]

WeWork appoints Benjamin Dunham as CFO, Real Estate News, ET RealEstate

BENGALURU: Office-sharing startup WeWork on Wednesday appointed Benjamin Dunham as its chief financial officer, replacing Kimberly Ross. Dunham, most recently the finance head of WeWork Americas, will assume office on Oct. 1, the company said. Ross, who joined the firm in March as part of a broader top management overhaul being undertaken by Chairman Marcelo […]

WeWork gets new $1.1 billion commitment from SoftBank, Real Estate News, ET RealEstate

NEW YORK: The owner of money-losing shared office provider WeWork told employees on Thursday it has slashed its cash burn rate almost in half from the end of last year and obtained a $1.1 billion commitment in new financing from majority owner SoftBank Group Corp. The company said in an e-mail to employees that its […]

Paytm takes up 5.5 lakh sq ft office space in Noida, eyes space in Bengaluru, Real Estate News, ET RealEstate

BENGALURU: Amid the pandemic, Paytm said it has signed a new office deal to consolidate its workforce in Delhi-NCR by taking up around 5.5 lakh sqft n Noida’s Sector 98. The annual lease cost for the company would be Rs 70-80 crore. Paytm will house around 5,000 of its staff across two towers in Skymark […]

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