WeWork India's revenue jumps 33% after second Covid-19 wave

Coworking major WeWork India's revenue rose by 33 per cent to over Rs 800 crore this year and is expected to grow further in 2022 on improved demand for its flexible workspaces, a company official said. In an interview, WeWork India Chief Executive Officer (CEO) Karan Virwani outlined his vision to make the company a "one-stop shop" to meet all requirements related to workspace.

Looking at the growing demand for flexibility, he said the company would expand its portfolio by one million square feet area with capacity of about 20,000 desks.

At present, it operates 5 million square feet area at 36 locations comprising 64,000 seating capacity. It currently has a presence in six major cities including Delhi-NCR, Mumbai and Bengaluru. Virwani highlighted that the recovery in the flexible workspace segment after the second wave of the COVID pandemic has been very strong.

The occupancy level at its various coworking centres has reached more than 75 per cent, enabling its entire portfolio to become profitable in November month.

"We were able to grow our business to over Rs 800 crore topline for this calendar year and as of last month we became profitable," he said.

Virwani said the company had clocked close to Rs 600 crore revenue in the last calendar year. He highlighted that the demand has rebounded strongly to breach even the pre-COVID level.