WeWork eyes traditional companies, MNCs to hit profitability by 2021-end

Co-working space WeWork, which is pulling levers to break even by the end of next year, is eyeing a large pipeline of traditional companies and MNCs to achieve profitability.

“We have an active and large pipeline and that converted into real memberships. We should be able to become profitable by the end of 2021,” said the company’s global Chief Executive Officer Sandeep Mathrani, who took over in February. Post-Covid the company has right-sized its real estate portfolio and sold all non-core business to cut costs.

Although the company is seeing demand gradually return to pre-Covid levels, it will still take up to the middle of next year for the demand to return to 65 per cent of pre-Covid occupancy levels.