WeWork India Management Pvt., the domestic arm of the global co-working giant, posted a significant widening of topline helping loss to narrow by 77% in fiscal 2023, even as its global parent filed for bankruptcy.
The Indian arm, of which about 73% is owned by Bengaluru-based Embassy Group, saw revenue from operations rise 67.58% year-on-year to Rs 1,314.5 crore in FY23, according to filings sourced from TheKredible.
Its loss narrowed to Rs 146.8 crore from Rs 643 crore in FY22, as it managed to control expenses, which grew only 6% to Rs 1,569.6 crore, compared to Rs 1,479.6 crore in the preceding year.
In November, WeWork Global, the U.S.-listed entity, filed for bankruptcy under Chapter 11 proceedings after years of piling losses and announced a comprehensive reorganisation to strengthen its capital structure and financial performance.
In a statement then, WeWork India said that its operations function independently of WeWork Global, and they will not be impacted.
"During this period, we will continue to hold the rights to use the brand name as part of the operating agreement while serving our members, landlords, and partners as usual," WeWork India Chief Executive Officer Karan Virwani said.
In the earnings filing, the company said in a statement that its ability to meet its financial obligations is dependent upon the generation of adequate funds from operations and continued funding from its shareholders, as needed.
"Embassy Buildcon, the holding entity, has provided the necessary level of financial support to the group during the year. Based on the above, the group has the necessary resources that would enable it to meet its obligations as and when they fall due in the foreseeable future," it added.
WeWork India operates about 53 co-working spaces across eight cities and commands an 8 million-square feet coverage area. It competes with IPO-bound Awfis, myHQ, Springboard91, CoWrks and BHIVE, among others, in India.
RECOMMENDED FOR YOU
Flutter Shuts Money-Based Online Games In India, Sees Rs 1,750 Crore Revenue Loss
Aug 25, 2025
Air India, AI Express Post Rs 9,568 Crore Loss Before Tax In FY25
Aug 21, 2025
FirstCry Parent Brainbees' Q1 Results: Loss Narrows To Rs 464 Crore
Aug 13, 2025
OLX Parent CarTrade Shares Swing Even As Q1 Profit Doubles
Jul 28, 2025
POPULAR