WeWork India Management Limited is a Bengaluru‑based company that operates a premium flexible‑workspace platform across India. It leases Grade‑A office buildings, undertakes fit‑outs and delivers fully managed, technology‑enabled workspaces—including private offices, coworking desks, serviced floors and on‑demand solutions to large enterprises, SMEs, start‑ups and individual members. The IPO is being undertaken to provide liquidity to its existing shareholders.
Offer details of the IPO
Price Band: INR 615 to INR 648 per Equity Share
Book‑Running Lead Managers
Flexible Workspace Industry – Overview
The Indian flexible‑workspace market has evolved from a niche “co‑working” concept into a mature, premium‑segment industry that now serves enterprises of all sizes, start‑ups, freelancers, and even government organisations. The model is built around leasing Grade‑A office assets from landlords, fitting them out to a tech‑enabled, “plug‑and‑play” standard, and then monetising the space through a mix of membership, managed‑office, and digital‑service revenues.
Table: Key segments
| Key Segment | What it Entails |
| Premium Flexible Workspaces | Fully‑furnished private offices, dedicated desks and open‑plan coworking areas in Grade‑A buildings. |
| Managed Office Solutions | Longer‑term, customised office suites that are operated by the provider on behalf of the landlord (operator‑model). |
| On‑Demand / Pay‑Per‑Use Services | Short‑term desk or meeting‑room bookings (e.g., WeWork On Demand, All Access). |
| Virtual Office & Digital Platforms | Virtual address, mail‑handling, community apps, workplace‑management software (WeWork Workplace, Zoapi). |
| Ancillary & Value‑Added Services | Events, hospitality, IT support, cleaning, security, parking, and other “sticky” services that increase member lifetime value. |
Source: RHP
The market is driven by the shift to hybrid work, the need for rapid scalability, and the premium price that landlords can command for Grade‑A assets. According to the CBRE and AGR benchmarking studies, the sector has been the fastest‑growing commercial real estate segment in India for the last three fiscal years, with WeWork India holding the largest revenue share.
Table: Growth‑Rate Snapshot
| Segment | Past Growth Rate
(CAGR 2019‑2023) |
Future Growth Rate
(CAGR 2024‑2028) |
Comment |
| Premium Flexible Workspaces | ≈ 18 % – driven by the rapid expansion of branded centres and strong demand from large enterprises. | ≈ 13 % – growth will moderate as the market saturates in Tier‑1 cities, but new Tier‑2 clusters (e.g., Salt Lake, Newtown) will sustain expansion. | The premium segment remains the revenue engine; pricing power is supported by Grade‑A locations and brand strength. |
| Managed Office (Operator Model) | ≈ 15 % – landlords increasingly outsource operations to specialist providers. | ≈ 12 % – continued shift toward “asset‑light” models, especially in REIT‑backed parks. | Operator‑model contracts generate recurring fee income and improve EBITDA margins. |
| On‑Demand / Pay‑Per‑Use | ≈ 22 % – accelerated by pandemic‑induced need for short‑term space. | ≈ 14 % – demand will stabilise but remain above pre‑COVID levels as hybrid work persists. | High‑margin, usage‑driven revenue that adds “stickiness” to the member base. |
| Virtual Office & Digital Platforms | ≈ 30 % – strong adoption of remote‑work tools and SaaS‑style licences. | ≈ 18 % – growth will be driven by integration with enterprise HR/IT stacks and cross‑border access. | Digital products diversify the revenue mix and improve contribution margin. |
| Ancillary & Value‑Added Services | ≈ 12 % – modest but steady growth as members seek bundled solutions. | ≈ 10 % – incremental upside from community‑driven events and specialised services (e.g., HR, branding). | Ancillary services boost member “lifetime value” and help differentiate providers. |
Source: RHP
WeWork India Management Limited – Company Overview
WeWork India Management Limited was incorporated on 13 May 2016 as Halosaur Bengaluru Private Limited. WeWork India Management Limited is majorly held by Embassy Buildcon LLP (72.40 %) and 1 Ariel Way Tenant Ltd (22.28 %), operates under an exclusive WeWork licence, and is supported by Embassy Group. It owns WW Tech Solutions India, holds 57 % in Zoapi, has JV/associate stakes in Ugflex and MyHQ.
Competitive Positioning
WeWork India is the largest flexible‑workspace operator in India (FY 2022‑FY 2025), with 68 centres across 8 Tier‑1 cities, 114 k+ desks, and 94 % Grade‑A space (~7.07 Mn sq ft). FY 2025 financials include a revenue-to-rent multiple of 2.7×, adjusted EBITDA margin of 21.6 %, and revenue of ≈ INR20.2 bn. Offerings cover private offices, serviced floors, managed offices, digital products (All Access, On‑Demand, Virtual Office, Workplace platform), and ancillary services such as space customisation, parking, tech support, events, and hospitality.
Strengths
Weaknesses
Financial Profile
Robust Revenue Growth: WeWork India’s Revenue from Operations rose from INR13,145 mn in FY 2023 to INR16,651 mn in FY 2024 (+26.7% YoY) and INR19,492 mn in FY 2025 (+17.1% YoY), with adjusted EBITDA margins improving from 14.6% to 21.6%. The company moved from a restated loss of INR1,468 mn in FY 2023 to a restated profit of INR1,282 mn in FY 2025, driven by centre expansion, a premium Grade‑A portfolio, digital products, operator-model contracts, and the Zoapi acquisition.
Improved Profitability: Adjusted EBITDA increased from INR1,912.90 mn in FY 2023 to INR4,212.55 mn in FY 2025 (+120%), driven by premium pricing, capital efficiency, and scale. WeWork India moved from a restated loss of INR1,468.10 mn in FY 2023 to a restated profit of INR1,281.85 mn in FY 2025.
Table: Peers Comparison
| Name of the Company | Revenue from Operations (INR mn) | EPS (Diluted) | PE | Return on Net Worth (%) |
| WeWork India Management Limited | 19,492.11 | 9.87 | 65.7* | 63.80 |
| Awfis Space Solutions Limited | 12,075.35 | 9.67 | 59.38 | 14.78 |
| Smartworks Coworking Spaces Limited | 13,740.56 | (6.18) | NA | 58.76 |
| IndiQube Spaces Limited | 10,592.86 | (7.65) | NA | NA |
Source: RHP; * – based on upper end of price band
Table: KPI Comparison
| Company | Particulars (Units) | FY23 | FY24 | FY25 | CAGR |
| WeWork India Management Limited | Total income (₹ mn) | 14,227.74 | 17,371.64 | 20,240.01 | – |
| Total income growth (%) | NA | 22.10% | 16.51% | – | |
| Revenue from operations (₹ mn) | 13,145.18 | 16,651.36 | 19,492.11 | 22% | |
| Revenue growth (%) | NA | 26.67% | 17.06% | – | |
| EBITDA (₹ mn) | 7,956.10 | 10,437.91 | 12,359.51 | 25% | |
| EBITDA margin (%) | 60.52% | 62.69% | 63.41% | – | |
| Adjusted EBITDA (₹ mn) | 1,912.90 | 3,397.47 | 4,212.55 | – | |
| Adjusted EBITDA margin (%) | 14.55% | 20.40% | 21.61% | – | |
| Profit/(loss) for the year (₹ mn) | (1,468.10) | (1,357.73) | 1,281.85 | NA | |
| Profit/(loss) % of total income | (10.32%) | (7.82%) | 6.33% | – | |
| Total Equity / Net Worth (₹ mn) | (2,923.69) | 4,376.45 | 2,004.59 | – | |
| Total Assets (₹ mn) | 44,140.17 | 44,827.61 | 53,916.72 | – | |
| Net Debt (₹ mn) | 3,391.03 | 3,928.17 | 2,153.33 | – | |
| Adjusted Capital Employed (₹ mn) | 6,309.28 | 6,286.20 | 11,226.44 | – | |
| Return on Adjusted Capital Employed (%) | 30.32% | 54.05% | 37.52% | – | |
| Cities (Number) | 6 | 7 | 8 | – | |
| Total Centres (Number) | 43 | 56 | 68 | – | |
| Total Leasable Area (Msf) | 5.54 | 6.71 | 7.83 | – | |
| Total Desks (Number) | 78,894 | 98,310 | 117,495 | – | |
| Operational Centres (Number) | 43 | 53 | 65 | – | |
| Leasable Msf for Operational Centres | 5.54 | 6.33 | 7.40 | – | |
| Desks’ capacity in operational centres (Number) | 74,240 | 89,154 | 109,572 | – | |
| Occupied desks in operational centres (Number) | 62,200 | 73,139 | 84,139 | – | |
| Occupancy rate in operational centres (%) | 83.78% | 82.04% | 76.79% | – | |
| Occupancy rate in mature centres (%) | 88.18% | 85.55% | 80.69% | – | |
| Number of clients (Number) | 2,315 | 2,273 | 2,198 | – | |
| Renewal rate (%) | 79.24% | 75.97% | 74.66% | – | |
| Net ARPM (₹) | 17,096 | 19,015 | 19,842 | – | |
| Revenue to Rent Multiple (Number) | 2.36 | 2.63 | 2.68 | – | |
| Awfis Space Solutions Ltd
|
Total income (₹ mn) | 5,657.87 | 8,748.03 | 12,607.46 | – |
| Total income growth (%) | NA | 54.62% | 44.12% | – | |
| Revenue from operations (₹ mn) | 5,452.82 | 8,488.19 | 12,075.35 | 49% | |
| Revenue growth (%) | NA | 55.67% | 42.26% | – | |
| EBITDA (₹ mn) | 1,760.63 | 2,454.00 | 4,024.00 | 51% | |
| EBITDA margin (%) | 31.12% | 28.91% | 3.32% | – | |
| Adjusted EBITDA (₹ mn) | NA | NA | NA | – | |
| Adjusted EBITDA margin (%) | NA | NA | NA | – | |
| Profit/(loss) for the year (₹ mn) | (466.37) | (175.67) | 678.70 | -62% | |
| Profit/(loss) % of total income | (8.24%) | (2.01%) | 5.38% | – | |
| Total Equity (₹ mn) | 1,693.64 | 2,514.31 | 4,592.19 | – | |
| Total Assets (₹ mn) | 9,306.05 | 13,980.79 | 25,069.84 | – | |
| Net Debt (₹ mn) | (71.77) | 272.95 | (583.12) | – | |
| Adjusted Capital Employed (₹ mn) | NA | NA | NA | – | |
| Return on Adjusted Capital Employed (%) | NA | NA | NA | – | |
| Cities (Number) | 16 | 17 | 18 | – | |
| Total Centres (Number) | NA | 181 | 230 | – | |
| Total Leasable Area (Msf) | NA | 5.60 | 7.40 | – | |
| Total Desks (Number) | NA | 1,10,540 | 1,52,572 | – | |
| Operational Centres (Number) | 119 | 160 | 208 | – | |
| Leasable Msf for Operational Centres | 3.50 | 4.80 | 6.90 | – | |
| Desks’ capacity in operational centres (Number) | 68,203 | 95,030 | 1,34,121 | – | |
| Occupied desks in operational centres (Number) | 51,140 | NA | NA | – | |
| Occupancy rate in operational centres (%) | 74.98% | 71.00% | 73.00% | – | |
| Occupancy rate in mature centres (%) | 83.30% | 84.00% | 84.00% | – | |
| Number of clients (Number) | 1,967 | 2,459 | 3,000+ | – | |
| Renewal rate (%) | NA | NA | NA | – | |
| Net ARPM (₹) | NA | NA | NA | – | |
| Revenue to Rent Multiple (Number) | 1.94 | 2.33 | 2.61 | – | |
| Smartworks Coworking Spaces Ltd
|
Total income (₹ mn) | 7,440.70 | 11,131.10 | 14,096.69 | – |
| Total income growth (%) | NA | 49.60% | 26.64% | – | |
| Revenue from operations (₹ mn) | 7,113.92 | 10,393.64 | 13,740.56 | 35% | |
| Revenue growth (%) | NA | 46.10% | 32.20% | – | |
| EBITDA (₹ mn) | 4,239.98 | 6,596.70 | 8,572.64 | 37% | |
| EBITDA margin (%) | 59.60% | 63.47% | 62.39% | – | |
| Adjusted EBITDA (₹ mn) | 363.60 | 1,060.37 | 1,722.30 | – | |
| Adjusted EBITDA margin (%) | 5.11% | 10.20% | 12.53% | – | |
| Profit/(loss) for the year (₹ mn) | (1,010.46) | (499.57) | (631.79) | – | |
| Profit/(loss) % of total income | (13.58%) | (4.49%) | (4.48%) | – | |
| Total Equity (₹ mn) | 314.66 | 500.07 | 1,078.81 | – | |
| Total Assets (₹ mn) | 44,735.03 | 41,470.84 | 46,508.54 | – | |
| Net Debt (₹ mn) | 2,740.47 | 3,270.59 | 2,992.51 | – | |
| Adjusted Capital Employed (₹ mn) | NA | NA | NA | – | |
| Return on Adjusted Capital Employed (%) | NA | NA | NA | – | |
| Cities (Number) | 12 | 13 | 15 | – | |
| Total Centres (Number) | 39 | 41 | 50 | – | |
| Total Leasable Area (Msf) | 6.16 | 8.00 | 8.99 | – | |
| Total Desks (Number) | 1,37,564 | 1,82,228 | 2,03,118 | – | |
| Operational Centres (Number) | 39 | 39 | 46 | – | |
| Leasable Msf for Operational Centres | NA | 7.21 | 8.09 | – | |
| Desks’ capacity in operational centres (Number) | 137,564 | 163,022 | 183,613 | – | |
| Occupied desks in operational centres (Number) | 105,568 | 130,047 | 152,619 | – | |
| Occupancy rate in operational centres (%) | 76.74% | 79.77% | 83.12% | – | |
| Occupancy rate in mature centres (%) | 87.18% | 86.77% | 88.67% | – | |
| Number of clients (Number) | 521 | 603 | 738 | – | |
| Renewal rate (%) | NA | NA | NA | – | |
| Net ARPM (₹) | NA | NA | NA | – | |
| Revenue to Rent Multiple (Number) | NA | NA | NA | – | |
| IndiQube Spaces Ltd
|
Total income (₹ mn) | 6,012.75 | 8,676.60 | 11,029.31 | – |
| Total income growth (%) | NA | 44.30% | 27.12% | – | |
| Revenue from operations (₹ mn) | 5,797.38 | 8,305.73 | 10,592.86 | 36% | |
| Revenue growth (%) | NA | 43.27% | 27.54% | – | |
| EBITDA (₹ mn) | 2,366.90 | 2,263.36 | 6,165.42 | 75% | |
| EBITDA margin (%) | 40.83% | 27.25% | 58.20% | – | |
| Adjusted EBITDA (₹ mn) | NA | NA | NA | – | |
| Adjusted EBITDA margin (%) | NA | NA | NA | – | |
| Profit/(loss) for the year (₹ mn) | (1,981.09) | (3,415.08) | (1,396.17) | – | |
| Profit/(loss) % of total income | (32.95%) | (39.36%) | (12.66%) | – | |
| Total Equity (₹ mn) | (3,081.01) | 1,306.33 | 31.11 | – | |
| Total Assets (₹ mn) | 29,693.17 | 36,679.13 | 46,851.23 | – | |
| Net Debt (₹ mn) | 6,127.00 | 1,635.67 | 3,379.27 | – | |
| Adjusted Capital Employed (₹ mn) | NA | NA | NA | – | |
| Return on Adjusted Capital Employed (%) | NA | NA | NA | – | |
| Cities (Number) | 10 | 12 | 14 | – | |
| Total Centres (Number) | 70 | 85 | 105 | – | |
| Total Leasable Area (Msf) | 4.39 | 5.52 | 6.92 | – | |
| Total Desks (Number) | 97,537 | 1,22,766 | 1,53,830 | – | |
| Operational Centres (Number) | NA | NA | NA | – | |
| Leasable Msf for Operational Centres | 4.25 | 5.33 | 6.26 | – | |
| Desks’ capacity in operational centres (Number) | 94,410 | 1,18,530 | 1,39,183 | – | |
| Occupied desks in operational centres (Number) | 79,002 | 95,076 | 1,18,467 | – | |
| Occupancy rate in operational centres (%) | 83.68% | 80.21% | 85.12% | – | |
| Occupancy rate in mature centres (%) | 93.50% | 90.06% | 86.50% | – | |
| Number of clients (Number) | 594 | 702 | 769 | – | |
| Renewal rate (%) | NA | NA | NA | – | |
| Net ARPM (₹) | NA | NA | NA | – | |
| Revenue to Rent Multiple (Number) | 1.94 | 2.33 | 2.42 | – |
Source: RHP
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