Wework

WeWork India H1FY25 result: Profit at Rs 174 crore, revenue Rs 961 crore

Co-working major WeWork India, which plans to launch an initial public offering (IPO), has posted a profit of Rs 174.13 crore in the first six months of this fiscal amid rising demand for premium flexible workspace. Total income stood at Rs 960.76 crore during the April-September period of the current 2024-25 financial year, according to the company's Draft Red Herring Prospectus (DRHP) filed with Sebi last week. The comparative figures are not available. In the full 2023-24 fiscal, WeWork India posted a net loss of Rs 135.83 crore over a total income of Rs 1,737.16 crore. Net debt of WeWork India Management Ltd, which filed preliminary papers with Sebi last week to float an IPO, stood at Rs 316.95 crore as on January 15, 2024, the DRHP said. Established in 2017, WeWork India is promoted by Bengaluru-based real estate company Embassy Group. It has the exclusive licensee of the 'WeWork' brand in India. In WeWork India, Embassy Group has around 76.21 per cent stake while WeWork Glo

WeWork India raises Rs 500 cr via rights issue to cut debt, drive growth

Coworking major WeWork India on Monday said it has raised Rs 500 crore through rights issue mainly to reduce debt and achieve further growth. In WeWork India, which is unlisted, realty firm Embassy Group holds a 73 per cent stake, while WeWork Global has a 27 per cent shareholding. WeWork Global, which is a leading provider of flexible workspace, had in June 2021 invested USD 100 million in WeWork India. In a statement, Bengaluru-based WeWork India said it has "successfully raised Rs 500 crore via a rights issue." Embassy Group and WeWork Global have invested Rs 500 crore. The funds will be utilised for the repayment of the debt, strengthening the company's pathway to being debt-free, and reducing the cost of capital, it added. Commenting on the fundraise, Karan Virwani, Managing Director & CEO of WeWork India, said, "Over the past eight years, we have been focused on long-term, sustainable growth. With the recent successful completion of our rights issue, we are on the path to

WeWork India strengthens footprint in Bengaluru, Pune, adds over 175k sq ft

With over 20 operational buildings in Bengaluru, the new addition is in Embassy Manyata Business Park

WeWork India appoints Virwani as non-exec chairman, Karan to be MD, CEO

Co-working major WeWork India on Monday announced the appointment of Jitendra Mohandas Virwani as Non-Executive Chairman of the company while Karan Virwani will now be Managing Director and CEO. In WeWork India, realty firm Embassy Group holds a 73 per cent stake, while WeWork Global has a 27 per cent shareholding. WeWork Global, which is a leading provider of flexible workspace, had in June 2021 invested USD 100 million in WeWork India. In a statement, the Bengaluru-based company said it has made key changes to its board of directors. "Jitendra Mohandas Virwani, Chairman and Managing Director of Embassy Group, steps into the role of Non-Executive Chairman, lending his industry insight to further strengthen WeWork India's growth strategy," it said. Karan Virwani has now taken on the expanded role of Managing Director & CEO. Mahua Acharya and Anupa Rajiv Sahney have joined as Independent Directors. Mahua, who has experience in electric mobility and climate finance, most recently

Valuation dispute halts WeWork Inc's plan to exit India after CCI nod

The sale, which involved WeWork Inc, affected by bankruptcy, and its local partner Embassy Group, was set to include a 13 per cent stake sale by Embassy Group in WeWork India

WeWork gets CCI nod to sell stake in local unit, exit Indian market

Deal value not revealed; regulator expected to release detailed order is likely later

WeWork India enters Tamil Nadu market with Olympia Cyberspace in Chennai

Flexible workspace solutions provider WeWork India made its foray into the Chennai office space market with the launch of 'Olympia Cyberspace' facility in the city. Equipped with over 2,000 desks spread across 1.30 lakh sq ft land in Guindy, the company has expanded its presence in Chennai after New Delhi, Gurugram, Noida, Mumbai, Bengaluru, Pune and Hyderabad. Chennai has emerged as a thriving business landscape across entrepreneurs, enterprises as well as Global Capability centres. There is a strong demand being witnessed from various industries including manufacturing, information technology, Information Technology enabled Services among others. With the opening of Olympia Cyberspace, WeWork India aims to provide innovative and collaborative work environment to meet the rising demand for flexible workspace solutions. "WeWork Olympia Cyberspace marks a pivotal moment in our expansion across South India. This strategic entry underscores the immense potential of Chennai's talent po

WeWork strikes new restructuring deal that spurns co-founder Adam Neumann

WeWork would be majority owned by Yardi, a provider of software for commercial and residential property owners, according to lawyers and a company statement issued after Monday's hearing

Adam Neumann moves to buy back WeWork as it seeks funds to exit bankruptcy

Adam Neumann had submitted a bid of more than $500 million to buy back WeWork, Reuters reported last month citing a person familiar with the matter

Co-founder Adam Neumann bids over $500 million to buy back WeWork

It's not clear how Neumann is planning to line up financing for his bid

WeWork founder Adam Neumann trying to buy back bankrupt company: Report

Neumann's new real estate company, Flow Global, has sought to buy WeWork or its assets, as well as provide bankruptcy financing to keep it afloat, the sources said

Big tech companies likely to continue hybrid mode of work: WeWork India CEO

Companies in the BFSI, media, and consulting sectors have returned to office almost fully, said Karan Virwani

From unicorns to zombies, tech startups run out of time and money

Around 3,200 private venture-backed US firms have gone out of business in 2023

WeWork India adds 2 buildings with over 4K desks in Bengaluru, Hyderabad

Earlier this month, WeWork Inc., the parent company, filed for bankruptcy under Chapter 11 of the US Code in New Jersey

WeWork India likely to buy back 27% from bankrupt global business

While WeWork struggles, Indian firm's valuation has shot up

SoftBank hit with $6.2 bn quarterly loss as WeWork, tech investments dip

Japanese technology company SoftBank Group Corp. racked up a huge loss in the July-September quarter as its technology investments, most notably office-sharing company WeWork, went sour. Tokyo-based SoftBank loss totalled 931 billion yen (USD 6.2 billion) in the last quarter, a reversal from the 3 trillion yen profit it posted in the same period a year earlier. SoftBank has a sprawling investment portfolio and tends to have erratic financial results that fluctuate with market trends. That has been highlighted by the troubles at WeWork, which filed for Chapter 11 bankruptcy protection this week amid turmoil in the US commercial real estate market after the pandemic sent vacancies soaring in major cities like New York and San Francisco. SoftBank holds a nearly 80 per cent stake in WeWork. SoftBank's chief financial officer, Yoshimitsu Goto, sought to allay investor's worries, stressing in an online news conference that the company was still going strong overall, making cautious ...

WeWork bankrupt: What went wrong for world's most valuable startup?

Former WeWork CEO Adam Neumann remains billionaire despite co's bankruptcy

"It has been challenging for me to watch from the sidelines as WeWork has failed to take advantage of a product that is more relevant today than ever before," Neumann, 44, said in a statement

WeWork appeals to landlords for lease adjustments amid bankruptcy

WeWork managed to renegotiate 590 leases before filing for bankruptcy, saving about $12.7 billion in future rent payments

NYC, San Francisco offices brace for pain from WeWork's bankruptcy

The coworking giant's spiral into bankruptcy hit landlords along the way as it renegotiated and sought to exit many leases