bengaluru wework one of the top ten most valued startups globally is entering india through an operating agreement with embassy group a leading office space developer in the country new yorkbased wework a techenabled platform offering collaborative office services for entrepreneurs and small businesses plans to build a 6millionsqft network over the next five years beginning with bengaluru mumbai and national capital region early next calendarthe billionaire jitu virwaniled embassy will operate wework drawing upon the latters technology design and global network of communities sources directly aware of the matter said cofounded by adam neumann and miguel mckelvey wework will have broad representation and will receive royalty payments for providing knowhow to the local partner in the worlds fastest growing major economy the bengaluruheadquartered embassy will invest around 150 million in wework india which is also likely to receive investments from private equity giant blackstone group sources addedthe 24yearold embassy scion karan virwani is expected to lead wework along with a team of industry veterans who are expected to join soon wework is entering india at a time when community or collaborative office spaces are becoming popular with the number of independent professionals among the urban workforce rising rapidly independently working millennials those who are starting up or working with small emerging businesses are redefining the office space market wework last valued at 16 billion had initially explored the option of entering india on its own but decided on inducting a local partner given the unstructured real estate industry in one of the potentially largest markets wework and embassy have agreed on a definitive deal and a formal announcement is awaiting pending business procedures wework embassy and blackstone declined to comment on the reportthe 6yearold wework is considered the fastest growing office tenant in new york and london and counts jp morgan fidelity investments and t rowe price among its marquee list of investors it has raised about 14 billion till date the companys current community network consists 95 locations in 21 countries with 70000 members across the us europe and israel it recently forayed into asian markets beginning with shanghai hong kong and seoul earlier this yearwework is expected to focus on the countrys top fivesix cities in the initial years with the launch phase itself involving halfamillion sqft community working spaces in bengaluru mumbai and ncr each wework centre will be in the 115 lakh sqft range in highvisible and readytooccupy locations as the company gears up for an accelerated growth here the agreement suggests that embassy will bring in capital and real estate while wework is offering digital tools design and access to its global ecosystemwework cofounder neumann was among the star attractions at prime minister narendra modis startup event in january this year neumann considers wework a platform for creators which should resonate well in a country with a huge number of millennials and high entrepreneurial energy indias shared offices or community working market is still nascent with just 60 such spaces operational currently