SUMMARY
Enam group’s family office, investment fund A91 Partners, and CaratLane founder Mithun Sacheti will buy the stake from WeWork Inc
Embassy Group holds a 73% stake in WeWork India, while the rest is held by WeWork Inc
Contrary to the collapse of WeWork Inc, the Indian arm reported a 68% year-on-year jump in revenue to INR 1,300 Cr in FY23
WeWork Inc is looking to sell its remaining 27% stake in its Indian unit, coworking space provider WeWork India, via an INR 1,200 Cr secondary transaction.
As per an ET report, Enam group’s family office, investment fund A91 Partners and CaratLane founder Mithun Sacheti will buy the stake from WeWork Inc.
It is pertinent to note that Embassy Group owns 73% in WeWork India.
“While most of the INR 1,200 Cr is through secondary sale of shares, there may be a primary component… For now, the company is awaiting clearance from the Competition Commission of India (CCI),” the report said, citing a source close to the matter.
WeWork India declined to comment on Inc42’s queries on the development.
The development comes months after WeWork Inc. filed for Chapter 11 bankruptcy in November last year.
SoftBank-backed WeWork gained prominence as a global coworking hub, amassing a staggering valuation of $47 Bn through significant funding.
At that time, WeWork India said that the bankruptcy of the parent would have no impact on the operations of the India unit.
Contrary to the collapse of WeWork Inc, the Indian arm clocked a 68% year-on-year jump in revenue at INR 1,300 Cr in FY23, according to ET. Besides, its loss declined by 80% to INR 146 Cr.
WeWork India has raised about INR 2,000 Cr (around $239 Mn) in funding over four rounds. It last raised INR 550 Cr ($66.4 Mn) in funding from Hong Kong-based private equity company BPEA Credit in December 2022.
This comes months after WeWork India launched a new programme under its WeWork Labs initiative in January to bridge the gap among startup founders, industry experts and the investor community in India. a prominent office development company in India.
WeWork India marked its entry into the Indian market in 2017, with a promise to be at the forefront of promoting flexible workspaces and driving the future of work.
It signed agreements for over 6.5 Mn square feet of workspace across 50 locations in New Delhi, Gurugram, Noida, Mumbai, Bengaluru, Pune, and Hyderabad.
WeWork India competes with the likes of BHIVE and IPO-bound Awfis.
