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Western Clouds
Business Today India
|December 10, 2023
While WeWork has filed for bankruptcy in the US, its Indian arm is busy with expansion plans
CO-WORKING SPACE giant WeWork's decision to file for bankruptcy in the US marked a massive fall for a firm that had jumped to dizzying heights not so long ago. The SoftBank Group-backed start-up was valued at $47 billion in early 2019 and yet announced in October that it was unable to pay back debt.
The contrast between the boom-and-bust story of the global entity and its Indian arm couldn't be starker. WeWork India-a 73:27 joint venture in which Bengalurubased real estate major Embassy Group holds a 73 per cent stake-recorded a 75 per cent year-on-year jump in revenue in FY23, according to its CEO Karan Virwani.
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