In a bid to invest in early-stage startups, coworking space provider WeWork India launched a new investment programme under its WeWork Labs initiative. With this, the company looks forward to unleashing opportunities for India’s entrepreneurial ecosystem, and empower the next generation of founders and young startups.
Under this programme, WeWork India will offer competitive guidance, comprehensive business support, and pre-Seed and Seed capital of up to $200K to the shortlisted startups. For the same, WeWork has also onboarded a co-investor network that includes Chiratae Ventures, Waterbridge Ventures, IIFL, Huddle, AdvantEdge Founders, and Lead Angels.
It will also be organising a 3-city roadshow series in Bengaluru, Gurugram, and Mumbai.
Commenting on the development, WeWork India’s CEO Karan Virwani said, “Investments by WeWork Labs marks a pivotal moment in our commitment to this cause.”
The company also plans to launch an initiative called Jumpstart to equip founders with everything they need to launch and scale their startup. The company claims that WeWork Labs has already incubated over 500 startups over the last five years and currently over 330 active startups are its members.
WeWork India seems to have been growing since the emergence of the pandemic at a steady pace. During Q1 of the current financial year, WeWork India’s revenue grew 40% year-on-year to INR 400 Cr, with its EBITDA standing at about INR 70 Cr during the quarter. Following this, it launched its 50th workspace.
As it enters the acceleration and incubation space, it joins startups like KRAFTON, Panasonic, Flipkart and more, that have launched incubation and acceleration programmes.
Recently, Panasonic partnered with 100X.VC to support young entrepreneurs and provide them with investment, masterclasses, expert mentorship, product strategy and growth plans.
KRAFTON also launched an incubation programme, to support gaming startups not just with finance but also with mentorship and market resources.
The ecommerce giant Flipkart, through its investment arm Flipkart Ventures has also recently, launched its startup accelerator programme called Flipkart Leap Ahead to back five early-stage startups.
According to Inc42’s Startup Investor Landscape Report 2023, India hosts over 330 accelerators and incubators which is expected to cross 450 by 2030.
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