WeWork bankruptcy: India business will not be impacted in any manner, says WeWork India CEO Karan Virwani
The Hindu
WeWork India independent from WeWork Global; operations not impacted. 50 centres, 90,000 desks across 7 cities. Embassy Group 73% stake, WeWork Global 27%. WeWork India profitable since 2021; revenue grew 40% to Rs 400 crore in Q1. Embassy Group committed to investing in WeWork India. WeWork India transforming way India works.
Coworking major WeWork India on Tuesday said the Indian business will not be impacted in any manner, as it is not part of the bankruptcy proceedings filed by WeWork Global in the US court.
In WeWork India, Bengaluru-based real estate firm Embassy Group has a 73% stake, while WeWork Global has a 27% shareholding.
WeWork India has 50 centres, comprising around 90,000 desks, across seven cities.
In a statement, WeWork India CEO Karan Virwani asserted that the Indian business is independent from WeWork Global and hence its operations will not be impacted.
"WeWork India operates independently of WeWork Global, and our operations will not be affected in any manner," he said.
Virwani noted that WeWork India is a separate entity in itself, and it is not a part of this strategic reorganisation process.
The bankruptcy filing does not impact the operations of the global entity as it continues to remain in possession of its business, operating as usual, he added.
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