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Draft:WeWork India

WeWork India
TypePublic company
BSE, NSE
IndustryCommercial real estate
Founded2017
FoundersJitendra Virwani, Karan Virwani
Headquarters
Bengaluru, Karnataka
,
India
Key people
Karan Virwani (MD & CEO)
OwnerEmbassy Group (majority)
Websitewww.wework.co.in

WeWork India is an Indian company that operates WeWork-branded coworking and office spaces. It is majority-owned by Embassy Group.[1][2] It began in 2017 and was listed on the Bombay Stock Exchange and the National Stock Exchange of India in October 2025.[3][4]

History

WeWork India started in 2017 under Karan Virwani, son of Embassy Group chairman Jitendra Virwani, after Embassy bought the India franchise rights.[5] It opened its first centre in Bengaluru and later expanded to other cities[6][7][8] It also added managed offices for companies and products such as All Access, On-Demand and Virtual Office, the last through a 2024 tie-up with myHQ.[9] In 2023 it acquired the Bengaluru technology startup Zoapi.[10][11]

After WeWork's global parent filed for bankruptcy in 2023, the company said its Indian business was not affected.[4][12] WeWork's global affiliate, which held about 27 per cent through 1 Ariel Way, exited in 2024 when Embassy bought its stake.[13][14][15] In November 2024 Jitendra Virwani became chairman and Karan Virwani managing director and chief executive officer.[16] By mid-2025 it ran about 59 centres with roughly 94,440 desks across 6.48 million square feet.[2][17]

Finances

In 2025 revenue rose to about ₹1,949 crore (US$200 million) and it reported a net profit of about ₹128 crore (US$13 million) and its net worth was negative at about ₹437 crore (US$45 million).[18][19] It reported a net profit of about ₹16.78 crore (US$1.7 million) in the December 2025 quarter.[20]

Initial public offering

WeWork India filed for an IPO in February 2025 and received SEBI approval in July 2025.[1][2] The ₹3,000 crore (US$310 million) issue was entirely an offer for sale by Embassy Buildcon and 1 Ariel Way Tenant, so no money went to the company.[21][22] It raised ₹1,348 crore (US$140 million) from anchor investors.[23][24] The shares listed on 10 October 2025 and traded near or below the issue price.[3][25] Embassy used part of the proceeds to repay about ₹1,748 crore (US$180 million) of debt.[26] Before the listing, the proxy adviser InGovern and others flagged the negative net worth, the tax-credit-driven profit, promoter litigation and share pledging.[19][27][28]

Petitions in the Bombay High Court challenged preparations for the IPO because of significatn criminal proceedings against the future shareholders and some connected beneficiaries. However, the court dismissed the petitions in December 2025.[29][30] In March 2026 the Supreme Court of India declined to intervene.[31][32]

References

  1. ^ a b Maidas, Meenakshi (July 15, 2025). "India markets regulator approves WeWork franchisee's IPO". Reuters. Retrieved June 29, 2026.
  2. ^ a b c "WeWork India gets SEBI nod to launch IPO, promoters to sell shares to monetise investments". Deccan Herald. July 8, 2025. Retrieved June 29, 2026.
  3. ^ a b "WeWork India shares disappoint on debut; IPO lists flat against issue price". Business Standard. October 10, 2025. Retrieved June 29, 2026.
  4. ^ a b Maidas, Meenakshi; Monnappa, Chandini (October 7, 2025). "WeWork India's $338 million IPO fully subscribed on last day, led by institutional buyers". Reuters. Retrieved June 29, 2026.
  5. ^ Kaushal, Bhavya (November 22, 2019). "Some Effect, But All is Well at WeWork India, Says Karan Virwani". Entrepreneur. Retrieved June 29, 2026.
  6. ^ "WeWork now ready to manage workspace for large companies in India". Business Standard. July 28, 2018. Retrieved June 29, 2026.
  7. ^ "WeWork India adds 700,000 sq ft across three southern cities". Construction World. Retrieved June 29, 2026.
  8. ^ WeWork ने भारत में अपनी मौजूदगी का किया विस्तार [WeWork expands its presence in India]. Business Standard Hindi (in Hindi). November 17, 2023. Retrieved June 29, 2026.
  9. ^ "WeWork India, myHQ by ANAROCK tie up for on-demand, virtual office growth". Business Standard. August 2, 2024. Retrieved June 29, 2026.
  10. ^ "WeWork India acquires workplace tech startup Zoapi". The Economic Times. October 2023. Retrieved June 29, 2026.
  11. ^ "WeWork India acquires workplace tech startup Zoapi". Business Standard. October 27, 2023. Retrieved June 29, 2026.
  12. ^ WeWork इंडिया के सीईओ ने कहा, वीवर्क ग्लोबल के दिवाला आवेदन से भारतीय कारोबार पर असर नहीं [WeWork India's CEO says WeWork Global's bankruptcy filing will not affect the Indian business]. Business Standard Hindi (in Hindi). November 7, 2023. Retrieved June 29, 2026.
  13. ^ "WeWork to exit India operations, set to sell 27% stake: Report". Outlook Business. 2024. Retrieved June 29, 2026.
  14. ^ "WeWork India stake sale to give Embassy Buildcon partial exit". The Economic Times. June 2024. Retrieved June 29, 2026.
  15. ^ "Embassy Group acquires remaining stake in WeWork India". The Economic Times. April 2024. Retrieved June 29, 2026.
  16. ^ "WeWork India appoints Jitendra Mohandas Virwani as non-executive chairman, Karan to be MD & CEO". The Week. November 18, 2024. Retrieved June 29, 2026.
  17. ^ "WeWork India pivots to 'workspace as a service', eyes higher margins from managed offerings". Storyboard18. December 26, 2025. Retrieved June 29, 2026.
  18. ^ "WeWork India FY25: Posts INR 128 Cr profit on deferred tax gains". Inc42. August 2025. Retrieved June 29, 2026.
  19. ^ a b "WeWork India IPO: InGovern warns of governance gaps, promoter litigations and weak balance sheet". Moneylife. October 6, 2025. Retrieved June 29, 2026.
  20. ^ "WeWork India Q3FY26 results: Net profit at ₹16.78 crore on higher revenue". Business Standard. January 27, 2026. Retrieved June 29, 2026.
  21. ^ "WeWork India IPO looks like a growth plan, but it's actually an exit play". Outlook Business. July 22, 2025. Retrieved June 29, 2026.
  22. ^ WeWork India को IPO के लिए SEBI से हरी झंडी, एम्बेसी ग्रुप की कंपनी बेचेगी 4.37 करोड़ शेयर [WeWork India gets SEBI green light for IPO; Embassy Group's company to sell 4.37 crore shares]. Business Standard Hindi (in Hindi). July 15, 2025. Retrieved June 29, 2026.
  23. ^ "WeWork India sets price band of 615–648 rupees per share for IPO". Reuters. September 29, 2025. Retrieved June 29, 2026.
  24. ^ WeWork India IPO: 3 अक्टूबर को शेयर बाजार में धमाल मचाएगा वीवर्क इंडिया का आईपीओ, एंकर निवेशकों से जुटाए 1,348 करोड़ रुपये [WeWork India IPO opens 3 October; raises ₹1,348 crore from anchor investors]. Prabhat Khabar (in Hindi). October 2, 2025. Retrieved June 29, 2026.
  25. ^ "WeWork India shares make a muted stock market debut; stock lists on a flat note". Business Today. October 10, 2025. Retrieved June 29, 2026.
  26. ^ "Embassy Group repays Rs 1,748 crore debt, strengthens balance sheet". The Economic Times. October 15, 2025. Retrieved June 29, 2026.
  27. ^ "WeWork India ₹3,000-crore IPO faces governance, compliance scrutiny". Deccan Chronicle. October 7, 2025. Retrieved June 29, 2026.
  28. ^ "WeWork India IPO subscription lags as corporate governance issues keep investors wary". Outlook Business. October 6, 2025. Retrieved June 29, 2026.
  29. ^ "Bombay HC dismisses petitions challenging SEBI approval for WeWork India IPO". The Times of India. December 3, 2025. ISSN 0971-8257. Retrieved June 29, 2026.
  30. ^ "Bombay High Court upholds SEBI's approval for WeWork India IPO; imposes ₹1 lakh cost for suppression of facts". SCC Online. December 3, 2025. Retrieved June 29, 2026.
  31. ^ "Supreme Court upholds SEBI nod to WeWork India IPO". Bar & Bench. March 16, 2026. Retrieved June 29, 2026.
  32. ^ WeWork India IPO को Supreme Court से मिली क्लीन चिट, याचिकाकर्ताओं को लगा बड़ा झटका [WeWork India IPO gets clean chit from Supreme Court; petitioners dealt a big blow]. Prabhasakshi (in Hindi). March 16, 2026. Retrieved June 29, 2026.
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