WeWork India’s Revenue Grows 40% YoY In Q1, Launches 50th Workspace

Coworking major WeWork India’s revenue grew 40% year-on-year to INR 400 Cr during the first quarter of FY24, CEO Karan Virwani said following the launch of its 50th workspace in the country in New Delhi.

The company said that its EBITDA stood at about INR 70 Cr during the quarter. WeWork India is also reportedly targeting 50% growth in this fiscal year.

Virwani attributed the year-on-year growth to the rising demand for flexible workspace across major cities from corporates.

“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,” Virwani said. “At WeWork India, we have witnessed this growth and created a strong value proposition for businesses of all sizes by offering them innovative and tailored workspace solutions in record time.”

As per his statement, WeWork India’s member base now comprises 80% large enterprises and 20% startups, freelancers, and SME members.

The launch of the 50th workspace, Eldeco Centre, also marked WeWork India’s entry into the seventh city in the country. The new building offers dynamic workspaces spanning over 54,000 square feet with about 700 desks.

“When we opened our first building in 2017, we set out with an objective of revolutionising the way India works and over the course of these 50 workspaces, we have achieved that goal while being sustainable and profitable,” Virwani said in a statement.

“The past few years have clearly highlighted that the future of work is flexible, and India Inc is increasingly adopting flex working as a way of life. This is a thriving time for the workspace industry with demand at an all-time high, and it was the ideal time for us to enter New Delhi,” he added.

WeWork India’s expansion comes weeks after its global entity WeWork expressed “substantial doubt” regarding its ability to continue as a going concern.

Virwani had then said that the company’s India business remains unimpacted by the issues that WeWork is facing. He also said that WeWork India ended FY23 with a revenue of INR 1,400 Cr and INR 250 Cr in earnings.

WeWork India is backed by the Embassy Group and has over 6.5 Mn square feet of assets signed across 50 locations in seven cities, including Mumbai, Bengaluru, Pune, and Hyderabad.

WeWork India said in its latest statement that the company was poised to continue its growth trajectory and drive the evolution of the flexible workspace industry in the country. 

[Article has been updated with statement from the company]