Representational picture of the WeWork workplace in Bengaluru.
| Photo Credit: G.R.N. Somashekar
Coworking main WeWork India on Tuesday stated the Indian business will not be impacted in any method, as it’s not a part of the chapter proceedings filed by WeWork Global in the US courtroom.
In WeWork India, Bengaluru-based actual property agency Embassy Group has a 73% stake, whereas WeWork Global has a 27% shareholding.
WeWork India has 50 centres, comprising round 90,000 desks, throughout seven cities.
In a press release, WeWork India CEO Karan Virwani asserted that the Indian business is impartial from WeWork Global and therefore its operations will not be impacted.
“WeWork India operates independently of WeWork Global, and our operations will not be affected in any manner,” he stated.
Virwani famous that WeWork India is a separate entity in itself, and it’s not part of this strategic reorganisation course of.
The chapter submitting does not influence the operations of the worldwide entity because it continues to stay in possession of its business, working as normal, he added.
The course of restructures the money owed and the leases of WeWork Global in the U.S. and Canada.
“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,” Mr. Virwani stated.
WeWork India is backed by majority stake holder Embassy Group, he stated.
Mr. Virwani stated the Embassy Group is dedicated to investing in the way forward for WeWork India business.
“We remain fully focused on delivering exceptional and innovative flexible workspace solutions for our members in the region. We are the leaders in the flexible workspace industry and have transformed the way India works,” he stated.
Mr. Virwani stated WeWork India has been worthwhile since 2021.
In August, he had stated that WeWork India’s income grew by 40 per cent to Rs 400 crore throughout the first quarter of this fiscal 12 months, on rising demand for versatile workspace throughout main cities from corporates.
Its turnover stood at ₹1,400 crore over the last fiscal 12 months.
