Page 5 - Wework Global News Today

The company, which is owned by real estate firm Embassy Group and WeWork Global, has started its 50th centre at Saket in South Delhi, marking its entry into the national capital market. The new centre, comprising 54,000 square feet area and around 700 desks, is located in a commercial building developed by realty firm Eldeco.

"In 2021-22, we close the financial year with around Rs 800 crore of revenue and we were negative Rs 50 crore EBIDTA. During the last fiscal, we achieved a turnover of around Rs 1,400 crore and Rs 250 crore of EBIDTA," said Karan Virwani, CEO, WeWork India.

In WeWork India, Bengaluru-based real estate firm Embassy Group hold a 73 per cent stake, while WeWork Global has a 27 per cent shareholding.

While announcing its quarterly result, WeWork said, "...as a result of the companys losses and projected cash needs, combined with increased member churn and current liquidity levels, substantial doubt exists about the companys ability to continue as a going concern".

Any development globally has no impact on the company’s India business, said WeWork India CEO Karan Virwani

Get latest articles and stories on Latest News at LatestLY. Coworking major WeWork India on Wednesday said its business will have no impact from the development in US-based WeWork Global, which has said "substantial doubt" exists about the company's ability to continue as a going concern. Latest News | WeWork India Says Its Biz Will Have No Impact from US-based WeWork Global's Bankruptcy Warning.

WeWork India, promoted by realty firm Embassy Group and WeWork Global, has a portfolio of over 6.5 million square feet of assets signed across 45 locations in Delhi-NCR, Mumbai, Bengaluru, Pune and Hyderabad.

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With the flex-working industry taking off yet again, the company has reported encouraging growth.WeWork India has turned around. By March this year, it expects to operate 6.5 million sq ft, or about 75,000 desks. By March 2024, it expects to add another 20,000 desks