WeWorks bankruptcy warning to not impact India unit
WeWork India, which is backed and owned in majority by Indian real estate firm Embassy Group, said it was focused on growth with sustained profitability and the fundamentals of its business remain strong.
WeWork's warning of a bankruptcy risk would not have an impact on its India unit, regional CEO Karan Virwani said on Wednesday. New York-based WeWork, which was valued at $47 billion in 2019, on Tuesday raised "substantial" doubt around the continuance of its operations and warned of a possible bankruptcy.
WeWork India, which is backed and owned in majority by Indian real estate firm Embassy Group, said it was focused on growth with sustained profitability and the fundamentals of its business remain strong.
"We ended FY 2022-23 with revenue of 14 billion Indian Rupees ($168.99 million), and 2.5 billion Indian Rupees ($30.18 million) in earnings," India CEO Virwani said.
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