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WeWork India Reported a 40% Increase in Q1 Revenue; Launches 50th Workspace

The new dynamic centre spans over 54,000 square feet area with about 700 desks.

Revenue of Co-working major WeWork India grew by 40% on a yearly basis to Rs 400 crore for the April-June quarter of the current fiscal year, even though the company’s global entity WeWork Inc has cautioned as it may be unable to remain in business.

The company, owned by real estate firm Embassy Group and WeWork Global, has announced the start of its 50th centre at Saket in South Delhi, marking its entry into the nation’s capital.

Embassy Group holds a 73% stake in WeWork India, while WeWork Global has a 27% stake.

The new dynamic centre spans over 54,000 square feet area with about 700 desks in a commercial building developed by realty firm Eldeco.

WeWork India has over 550 centres across 7 cities spanning over 6.5 million square feet area with over 90,000 desks in cities including New Delhi, Gurugram, Noida, Mumbai, Bengaluru, Pune, and Hyderabad.

Karan Virani, CEO of WeWork India, said, “The way India works has undergone a radical transformation in the past few years, and businesses have evolved to adapt to the rapidly changing workforce dynamics. This has led to an exponential growth in demand for flex-spaces as they offer the agility and flexibility that businesses and employees desire.”

He added that the company is targeting 50% growth this fiscal year.

When he was asked about US-based WeWork Global’s recent statement about its “substantial doubt” exists about the company’s ability to continue.

Viranu said WeWork India will not impact the development globally and has always been a separate entity where Embassy Group owns the majority stake.

Asked whether Embassy would consider WeWork Global’s stake in the Indian business, he said, “I will always be a buyer of this company’s equity if anyone is willing to sell it, whether it’s at a discount or even a slight premium. We see a long-term value to be much, much higher than what it is today. So I am always going to be a buyer.”

Virani has described WeWork Global as a great partner who has helped Indian businesses by investing $100 million in 2021 during the tough Covid-19 period.

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