WeWork India Lays Off 20 Percent of Workforce as Coronavirus Lockdowns Weigh

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WeWork’s India franchise stated on Tuesday it laid off 100 workers, or 20 p.c of its workforce, as the office-sharing startup joins a slew of corporations which are chopping prices and revamping operations as a protracted nationwide lockdown to curb the coronavirus has saved individuals indoors.

A quantity of Indian startups, together with restaurant aggregator Zomato and meals supply service Swiggy, have lower down their workers, as they reshape their enterprise in response to the COVID-19 pandemic, which has pressured 1.three billion Indians indoors and crippled enterprise.

“We have optimised and planned our team strength based on the core business, as we continue to execute our long-term business strategy in India and aim to be profitable by early 2021,” stated Karan Virwani, chief govt at WeWork India, arrange by actual property agency Embassy Group over 2 years in the past.

In October final 12 months, WeWork India’s chief shareholder Jitu Virwani had stated the corporate could be worthwhile by finish of 2020.

SoftBank Group has poured in additional than $13.5 billion (roughly Rs. 1.02 lakh crores) into New York-based WeWork.

© Thomson Reuters 2020

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