SoftBank will have ‘last laugh’ with WeWork deal, Bernstein says
Chris Lane of Sanford C. Bernstein says WeWork can have a bright future if SoftBank overhauls the biz plan.
Late-stage Indian startups bulk up its boards with independent hands
Oyo, Ola, Freshworks, Flipkart and Paytm are mong leading home-grown tec...
Accel raises $550 million sixth India fund
One of the most prominent VC firms in Silicon Valley, Accel said it will continue to scout for ear...
After WeWork debacle, founders forced to chase profit, not just funds
The depleting market value of global startups has raised alarm bells about loss-making ventures and their business models. The focus, therefore, is growth with profitability, said founders and investors who attended The Economic Times Awards for Corporate Excellence, 2019.
7 in 10 Indian executives believe AI will change the way we work and live in next decade, shows survey
The findings of the survey show that 71 per cent strongly believe that AI will fundamentally change the way we live and work during the next decade, and that an overwhelming 96 per cent believe those changes will be positive. 44 per cent said that their roles have already been impacted by AI.
Days after firing 2,400 people, WeWork boss shares photo of $100 pasta dinner
WeWork Chairman Marcelo Claure has left a bad taste in the mouth.
After WeWork, SoftBank’s startup accounting model under fire. Oyo raises eyebrows
The Vision Fund put $250 million into Oyo in 2017 and led a $1 billion funding round last year, which pushed the Indian company’s valuation to $5 billion. Son encouraged Agarwal to expand into markets such as China and the U.S. and to buy properties, including the Hooters Casino in Las Vegas for $135 million.
Oyo Parent suffers Rs 2,385-cr net loss, operating expenses jump more than 390%
The rise in total expenses comes at a time when the company has been expanding aggressively into overseas markets, particularly in China, where it has committed huge amount of capital, along with the US and the UK.
WeWork says job cuts to begin ‘in earnest’ this week in U.S.
After the company’s valuation plummeted from $47 billion to about $8 billion, WeWork is seeking to cut costs and show a path to profitability in order to potentially attempt an IPO again next year. That path includes selling assets and cutting jobs.
SoftBank executives discuss trimming WeWork offer
The discussions at SoftBank center around shrinking a $3 billion tender offer for WeWork shares owned by founders, employees and investors, according to people with knowledge of the talks. Such a move would be designed, at least in part, to limit the amount paid to co-founder Adam Neumann, said the people, who requested anonymity because the matter is private.
WeWork may lay off thousands
According to a source, WeWork would lay off 2,000 to 2,500 employees and an additional 1,000 employees will leave as WeWork sells or closes down non-core businesses. Further, roughly 1,000 building maintenance employees will be transferred to an outside contractor
WeWork to lay off 2,400 employees globally in SoftBank revamp
Ultimate control of the company now rests with SoftBank and WeWork's new Executive Chairman Marcelo Claure. Claure had told employees in an email on Monday that job-cutting will start "in earnest" this week in the United States, saying WeWork was "going to eliminate and scale back certain functions and responsibilities."
Furniture company CasaOne raises $16 million
This takes the total funds raised by the San Francisco and Bengaluru-based company to $27.5 million.
Ex-Housing CEO in fray for WeWork top job
When asked about the development, a SoftBank spokesperson said, “We don’t comment on speculation.”
Smartworks inks largest coworking deal in Pune with 0.5m sqft
This is the fifth facility for the company in Pune and will be operational by 2021, the company said. It already has a portfolio of 6,000 seats in the city. According to reports, the second largest single- location deal in this space was struck by WeWorks which picked up 1.22 lakh sqft space in Pune.
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