Wework In India

WeWork India Q2FY26 results: PAT drops to ₹6.4 cr; revenue rises to ₹585 cr

Realty firm WeWork India Management Ltd on Monday reported a sharp plunge in consolidated net profit to Rs 6.4 crore in the latest quarter ended September, on a higher base effect. Its net profit stood at Rs 203.74 crore in the year-ago period, driven by a deferred tax credit. Total income, however, rose to Rs 585.54 crore during the July-September period of this fiscal, from Rs 499.47 crore in the corresponding period of the preceding year, according to a regulatory filing. Launched in 2017, WeWork India, which provides flexible workspaces to corporates, has presence in eight major cities with 70 operational centres spanning 7.8 million square feet. WeWork India said its portfolio would expand in the second half of this fiscal with about 11,000 desks under fitout, a further 3,000 desks awaiting landlord handover, and 15,000 desks under LOI. This will help in increasing the portfolio to 10 million sq ft. "Our Q2 results signify a defining moment in WeWork India's journey. With rec

InGovern says WeWork India has resolved governance issues post IPO

The governance advisory firm says WeWork India's ₹3,000-crore IPO marks a key milestone, strengthening transparency and investor confidence

Bombay HC seeks Sebi response on plea alleging irregularities in WeWork IPO

Bombay HC has sought Sebi's response on a plea challenging WeWork India's IPO, alleging irregularities in DRHP, undisclosed complaints, and misrepresentation of ties with the global WeWork brand

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

Workspace operator WeWork India Management files draft IPO papers with Sebi

The Embassy Group-promoted firm's IPO is entirely an Offer for Sale (OFS) of equity shares of up to 4.37 crore equity shares, according to the draft red herring prospectus (DRHP) filed on Friday

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

WeWork's exit from India unit unlikely to impact domestic co-working market

Industry executives believe investors are bullish on this sector in India and their interest has increased after the successful IPO of Awfis Space Solutions

Co-working firm WeWork in talks to sell entire 27% stake in India unit

Co-working firm WeWork Global, which has filed for bankruptcy in the US, is in talks with potential investors to sell its entire 27 per cent stake in WeWork India to monetise its investments, sources said. Bengaluru-based real estate firm Embassy Group, which holds the remaining 73 per cent stake in WeWork India, might also dilute some shareholdings to raise funds, they added. WeWork India, which started operations in 2017, has over 8 million square feet of assets signed across 54 locations in New Delhi, Bengaluru, Mumbai, Gurugram, Noida, Pune, and Hyderabad. WeWork India had posted a turnover of Rs 1,400 crore during the 2022-23 fiscal year. In June 2021, WeWork Global invested USD 100 million in WeWork India to pick a 27 per cent stake. The investments helped Indian business to tide over the financial difficulties during the COVID pandemic, which had severely affected the office market. When contacted, WeWork India CEO Karan Virwani declined to comment. Sources said, WeWork In

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 India enters Chennai to launch 2,000-seater coworking centre in June

Coworking major WeWork India on Tuesday said it has entered Chennai market and has taken on lease 1.3 lakh square feet of office space in Chennai to open a new centre with a capacity of 2,000 desks. In a statement, Bengaluru-based WeWork India said, it has taken on lease over 1,30,000 square feet of office space in the commercial building 'Olympia Cyberspace' developed by Olympia Group. The new centre, having a total capacity of more than 2,000 desks, will be operational in June. Karan Virwani, CEO, WeWork India, said the company will be opening its first flexible workspace in Chennai, a city known for its vibrant culture, urban population, and rapidly growing business ecosystem. "We are witnessing a continued surge in demand for flexible workspaces across India," he added. As organisations rapidly return to work from offices, Virwani said there is a growing need for flexible and customisable workspaces that can facilitate hybrid or full-time work models. "With a strong pipeline

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

Co-working major WeWork India raises Rs 550 crore from BPEA Credit

Co-working major WeWork India on Monday said it has raised Rs 550 crore from funds managed by BPEA Credit for future growth and acquisition opportunities as it seeks to tap rising demand for flexible spaces. In 2017, WeWork Global had partnered with Bengaluru-based real estate firm Embassy Group to enter the Indian market. At present, WeWork India has a portfolio of around 70,000 desks spread over 6 million square feet area in 41 centres across six cities -- Bengaluru, Mumbai, Gurugram, Noida, Hyderabad, and Pune. The amount will be used for future growth and potential consolidation opportunities, WeWork India said. In 2020, WeWork India raised Rs 750 crore from WeWork Global, which the company said played an instrumental role in stabilising the business during the pandemic. WeWork Global has around 27 per cent stake in WeWork India. "Flexibility is paramount in today's workforce and the investment by BPEA Credit stands testament to the massive growth opportunity for flex workspac

WeWork India bolsters leadership team as country reopens

Curated shared workspace provider WeWork India on Monday announced key strategic appointments to the leadership team in the country

WeWork co-founder Adam Neumann nears settlement with SoftBank: Report

The settlement would put to rest a prolonged legal battle between Neumann and Softbank, which dates back to 2019 when WeWork's IPO plans fell apart

As WeWork tries to repair its business, there's a lot of space to fill

Firm to sell assets, including event-organising app Meetup and investment in the Wing

SoftBank takes control of WeWork as part of bailout, Neumann to leave board

The deal would value WeWork's parent company at about $8 bn

Softbank bets on former Sprint boss Marcelo Claure to fix WeWork

Masayoshi Son, the head of SoftBank, has asked the former CEO of Sprint to take a more hands-on role helping oversee a cleanup of the office-rental company from his position at SoftBank

US-based WeWork plans co-working spaces at just Rs 5000/month in Mumbai

Wework is also, according to people with knowledge of the matter, looking to launch such economical desks in Delhi and other cities