Deutsche Telekom Digital Labs has leased 51000 sq ft office space from WeWork in the Gurugram.
The proposed office space went live earlier this month and has 700 work units located in WeWork, DLF Cybercity.The company started the operation earlier this year, and the lease has a 13-month lock-in period.
“Our decision to establish a second office at WeWork is a testament to our sustained growth and the expansion of our team. This strategic move will foster increased collaboration and innovation. We’ve seen a significant boost in productivity and team spirit since returning to the office environment. As markets rebound, bringing our team together is essential to driving our business forward. This is just the beginning of an exciting new chapter for DTDL.” – Kanwardeep Singh Ahluwalia, MD of Deutsche Telekom Digital Lab
WeWork currently operates 1.08 million sq ft across the Delhi-NCR region with over 14,000 desks. It plans to add 79000 sq ft by the third quarter of FY25 in Noida.
“This is one of the significant deals signed this year. It reflects the growing demand for flex workspaces, particularly in the NCR – a thriving hub for MNCs. We are witnessing a continued surge in demand from various industries, especially BFSI, telecom, and IT/ITES. With a wide range of solutions – from On-demand day passes to Managed Offices, we are well equipped to address the diverse needs of businesses of all sizes, and help them scale,” said Karan Virwani, CEO, WeWork India.
Earlier this year, WeWork India expanded its presence in India by adding two new assets in Pune and Gurugram, totalling 1 83,000 sq ft. It has also forayed into the Chennai market with over 130,000 sq. ft. of space in Olympia Cyberspace, its eighth city in the country, to be opened in June.
For the first six months of FY24, the company reported a 40% on-year growth in revenue at Rs 831 crore. Ebitda surged 90% to Rs 532 crore during the period. The company expects its revenue to increase by 30-40 per cent CAGR and its bottom line to grow by 50% for FY24.
WeWork India, a private limited company registered in India, operates flexible workspaces and digital real estate workplace solutions for companies. The firm has a presence across eight cities and 55 locations, with over 70,000 members. It has 8 million sq ft of operations with around 82% occupancy, mainly led by enterprise clients.
