We Company/ We-Work in India

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Status in India

As in 2019 July

Digbijay Mishra, August 15, 2019: The Times of India

WeWork India’s management fee, 2018-2019 July
From: Digbijay Mishra, August 15, 2019: The Times of India

Co-working space major We Company, popularly known as We-Work, has filed its first public regulatory filing. It is expected to be one of the largest initial public offerings (IPOs) in the US after the recent listings by cab-haling major Uber and other major US-based startups.

WeWork, which was last valued at $47 billion, saw its revenue (management fee) going up in India during the first six months of 2019 compared to 2018 (see graphic), the regulatory filing with the US Securities and Exchange Commission showed. Among the Asian markets, the share of the management fee WeWork gets in India is highest at 12% of the revenue. In China and Japan, it gets 8% of the revenue, according to the filing, also known as S-1.

Started in 2010, WeWork entered India in late 2016 through a strategic partnership with real estate group Embassy, where the latter owns the property and the New York-based company runs the workspaces under its brand. In January, TOI reported WeWork was in talks with the Embassy group to buy out a stake of at least 51% in the India business, but a valuation mismatch had emerged as a major hurdle. “It would now move only after the IPO is over,” said a person briefed on the matter.

WeWork, where SoftBank is one of the largest investors, disclosed a net loss of almost $690 million and a revenue of $1.5 billion in the first six months of 2019. While the S-1 document did not indicate the final size of the capital WeWork plans to raise via this IPO, a report by the Financial Times said it could be as much as $3 billion. We-Work said it is present in 528 locations across 29 countries and that half of its revenue comes from markets outside the US. “Our membership base has grown by over 100% every year since 2014,” the company said in the S-1. It added that it took more than seven years to achieve a $1-billion run-rate revenue, but only an additional year to reach $2 billion, and just six months to reach $3 billion.

In India, WeWork ended last year with 35,000 desks across 17 locations. It has plans to increase it to around 90,000 desks by the end of 2019. WeWork’s licensing deal with Embassy is valid till 2021. It sees a mix of enterprise and emerging technology companies as its clients. Amazon, Microsoft and travel startup Ixigo are some of its customers in India.