November 7, 2023
WeWork India, majority-owned by Embassy Group, has stated that it will not be affected by the bankruptcy proceedings of WeWork Global in the US. CEO Karan Virwani confirmed that WeWork India operates independently and its operations will continue as usual. Virwani also mentioned that WeWork India has been profitable since 2021 with a 40% revenue growth in the first fiscal quarter.
The news comes as a relief to WeWork India's members, landlords, and partners, who had been concerned about the impact of WeWork Global's bankruptcy on the Indian business. WeWork India has been one of the few bright spots for the company, having achieved consistent growth and profitability in recent years.
WeWork India's success is attributed to a number of factors, including its strong focus on the Indian market, its partnership with Embassy Group, and its commitment to providing high-quality coworking spaces. The company has also benefited from the growing demand for flexible workspace in India, which is being driven by the growth of startups and small businesses.
WeWork India's continued success is a positive sign for the Indian coworking market and for the company's members, landlords, and partners. It also shows that WeWork is still capable of executing on its plan to build a leading global coworking business.
