Office space-sharing giant WeWork, once valued at $47 billion, has filed for bankruptcy in the US and Canada. The New York-based company listed both assets and liabilities in the range of $10 billion to $50 billion in a Chapter 11 petition filed in New Jersey. As concerns about the future of WeWork India arose, Karan Virwani, CEO at WeWork India, assured that the Indian business will not be impacted in any manner. Notably, WeWork India is a separate entity in itself, and it is not a part of this strategic reorganisation process.
''WeWork India is a separate entity from WeWork Global. The recent Chapter 11 filing will not impact our members and stakeholders in India. We will continue to operate and serve our members, landlords, and partners as usual. Committed to the growth and success of our business,'' the company wrote along with a detailed statement on X.
See the tweet here:
''WeWork India operates independently of WeWork Global, and our operations will not be affected in any manner. t is a separate entity in itself, and we are not a part of this strategic reorganisation process. The Chapter 11 filing does not impact the operations of the global entity as it continues to remain in possession of its business, operating as usual,'' the statement read.
''We are the leaders in the flexible workspace industry and have transformed the way India works. WeWork India has been profitable since 2021, and we are committed to the robust growth and success of the business and the industry,'' the statement added.
In August, Mr. Virwani had said that WeWork India's revenue grew by 40 per cent to Rs 400 crore during the first quarter of this fiscal year, on rising demand for flexible workspace across major cities from corporates.
In WeWork India, Bengaluru-based real estate firm Embassy Group has a 73 percent stake, while WeWork Global has a 27 percent shareholding. WeWork India has 50 centres, comprising around 90,000 desks, across seven cities.
WeWork's franchisees around the world are similarly not affected by the proceedings in the US and Canada.
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