WeWork Global's bankruptcy won't impact India unit, says regional CEO Karan Virwani

Bengaluru: New York-headquartered WeWork's warning of a bankruptcy risk would not have an impact on its India unit as it is a separate unit from Wework Global, the company's regional CEO Karan Virwani said.

WeWork, valued at $47 billion in 2019, is expected to file for bankruptcy within the upcoming week.

This move comes as the SoftBank Group-backed company grapples with a high debt load and financial losses.


"WeWork India is a separate entity from WeWork Global. The recent news around the potential bankruptcy and Chapter 11 filing in the US will have no impact on the members and stakeholders in India. Any development globally has no bearing on the operations of the business. In India, we will continue to operate and serve our members, landlords, and partners as usual," said Virwani.

WeWork India, which is backed and owned in majority by Indian real estate firm Embassy Group, said it was focused on growth with sustained profitability.

WeWork India, in which WeWork Inc owns about 27%, has been one of the company's fastest-growing affiliates outside the US.

The remaining 73% is owned by Embassy Group, one of the country's leading office developers. WeWork India ended FY 2022-23 with a revenue of $168.99 million and $30.18 million in earnings.

"We are backed by the Embassy Group, which holds the majority stake and control to run and operate the business in India. We have achieved consistent and sustainable growth, both operationally and financially. WeWork India is the leader in the flexible workspace industry and has transformed the way India works. We are committed to the robust growth and success of the business and the industry," he said.

WeWork India currently has about 6.5 million sq ft of assets signed across 50 locations in seven cities-New Delhi, Gurgaon, Noida, Mumbai, Bengaluru, Pune, and Hyderabad.