WeWork Shares Plunge 24% as Indian Arm Launches Rivet Platform
WeWork's stock tumbled 24% following the launch of Rivet, a design-and-build platform targeting enterprise clients in India. The new service marks a strategic pivot from the company's core flexible workspace model into full-scale office solutions.
The platform has already delivered $6 million in projects across Mumbai, Bengaluru, and Pune using advanced tools like building information modeling. Rivet could eventually contribute 10% of WeWork India's revenue, diversifying its income streams beyond traditional leases.
This expansion comes as WeWork faces stiff competition in India's enterprise market from established players like Awfis and TableSpace. The single-contract model aims to simplify corporate office build-outs, but investors appear skeptical about this departure from the company's original business model.
