Knotel co-founder Amol Sarva accused the new owner of the coworking network of taking over the startup and left the company

He stated that Newmark Group took advantage of the bankruptcy to take control of Knotel.

  • In a letter he emailed to an undefined group of people, Knotel co-founder Amol Sarva stated that Newmark Group, the chain’s new owner, used bankruptcy to take control of Knotel, TechCrunch writes.
  • According to him, this undermined important relationships and “hurt many clients and partners.” Sarva also criticized Newmark for hiring the Gross brothers from Knotel rival WeWork for leadership positions.
  • “I am so disappointed that this direction was chosen. This process made it clear to me that I do not want to be part of the path that the new owners have taken, ”Sarva said.
  • On February 1, an international coworking network filed for bankruptcy after facing increasing problems due to the pandemic. In 2019, Knotel’s losses amounted to $ 223 million on revenue of $ 370 million; in ten months of 2020, the company lost a total of $ 202.3 million.
  • In February, Knotel co-founder Eduard Shenderovich announced that he would leave the board of directors of the coworking network amid its bankruptcy. As head of the board of directors, he was supposed to be replaced by the general director of the company, Amol Sarva.
  • Amol Sarva and Eduard Shenderovich founded Knotel in 2015. In 2019, investors valued the company at $ 1 billion.

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