WeWork India Expects To Clock Rs 1500 Cr Revenue in FY23
WeWork India has its best operational year in 2022 both in terms of profitability and revenue and expects to clock revenue of Rs 1500 crore in FY 23. The firm clocked 250% growth in earnings before interest, taxes, depreciation, and amortisation (EBIDTA) registration Rs 175 crore profit in 2022 as against a loss of Rs 120 crore last calendar year. WeWork closed revenue of Rs 1300 crore between January-December as against Rs 760 crore last calendar year. WeWork India turned profitable at the holding company level in the first quarter of 2022 aided by robust demand over the past year. The need to raise capital is very limited now looking at how it can grow business both in terms or revenue and profits as well as a potential acquisition. The Indian arm of the US-headquartered firm plans to expand its portfolio to 95,000 desks by adding over one-million sq ft of flexible office space across the country by March 2024. The company currently has 70,000 desks in 41 locations. WeWork leased 2.mn sq ft this calender year as compared to 1.7mn sq ft between January to December last year with 90 percent occupancy across its assets.
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