New Delhi
Coworking major WeWork India is expecting 33 per cent growth in revenue during this calendar year at around Rs 1,000 crore, on the back of rising demand for flexible workspaces.
In an interview with PTI, WeWork India Chief Executive Officer (CEO) Karan Virwani highlighted that the company has become profitable for the first time during January-March 2022, with a profit of Rs 25 crore at EBITDA (earnings before interest, taxes, depreciation, and amortization) level.
“Our revenue was Rs 250 crore during the first quarter of this calendar year. We expect Rs 1,000 crore revenue in 2022 calendar year,” he said.
Profit is estimated at over Rs 100 crore (EBITDA).
Virwani said the company had posted a revenue of Rs 750 crore in the 2021 calendar year.
On the operational front, WeWork India has leased 1 million square feet in the first quarter. The current occupancy rate is 80 per cent.
“Our portfolio was 4.5 million square feet in 2021, which has increased to 5 million square feet currently. By the end of December this year, we will reach 6.5 million square feet in 2022,” Virwani said.
The company has 50,000 active users in its portfolio across 36 locations.
The managed office segment is growing quite well and will be a growth driver in the coming years.
