WeWork to Exit Indian Market, Selling Entire Stake

WeWork to Exit Indian Market, Selling Entire Stake WeWork Inc., the US coworking giant, is set to make a complete exit from the Indian market. As reported by the Economic Times, “US office-sharing company WeWork Inc. is set to exit the Indian operations by selling its entire 27% stake in the local unit through a secondary transaction, said multiple people in the know.” The Embassy group, which established a joint venture with WeWork Inc. in 2017, will also witness a reduction in its stake from 73% to 60%.

New investors, including the Enam group family office, investment firm A91 Partners, and CaratLane founder Mithun Sacheti, among others, are expected to acquire the divested stake. However, the deal awaits approval from the Competition Commission of India (CCI).

Despite WeWork Inc. filing for Chapter 11 bankruptcy last November, its Indian business reported significant revenue growth, reaching Rs 1,300 crore in FY23, marking a 68% increase. Net losses also decreased by 80% to Rs 146 crore during the same period.

This move by WeWork comes amid a resurgence in demand for co-working spaces in India post-pandemic. Other co-working platforms like Awfis, Indiqube, CoWorks, 91Springboard, and Bhive are also experiencing positive growth. WeWork India, with over 70,000 paying members and 90,000 desks nationwide, caters to a diverse clientele, including large enterprises, startups, and small businesses.