WeWork India Reports Loss of Approximately Rs 131 Crore in FY24, Expenses Surge by 19%
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New Delhi, Jan 13 (NationPress) The flexible co-working space provider WeWork India recorded a loss of approximately Rs 130.8 crore in FY24, which is an improvement from the Rs 144.5 crore loss in FY23.
During the last fiscal year, WeWork India's overall expenses rose by 19 percent, reaching Rs 1,864.3 crore, compared to Rs 1,566.7 crore in FY23.
The Bengaluru-based firm reported that non-cash elements like depreciation and amortisation made up 40 percent of total costs, increasing by 16.9 percent to Rs 742.8 crore, as per data from the business intelligence platform Tofler.
Employee-related expenses also represented a significant portion of the costs, rising by 11.9 percent to Rs 132 crore in FY24.
On a positive note, the company's operating income saw a growth of 26 percent year-on-year, amounting to Rs 1,661.6 crore in FY24, up from Rs 1,314 crore in FY23.
Membership fees contributed to 84 percent of the total income, increasing by 48.9 percent year-on-year to Rs 1,402.5 crore.
Additionally, the company generated Rs 71.9 crore in other income during FY24, bringing the gross income to Rs 1,733.5 crore.
Recently, WeWork India raised Rs 500 crore through a rights issue aimed at reducing debt and promoting growth.
At the close of FY24, the company reported a debt of Rs 616.5 crore and total assets valued at Rs 4,485.3 crore, according to available data.
The Embassy Group holds a 73 percent stake in WeWork India, while WeWork Global retains a 27 percent stake in the company.
Currently, WeWork India operates over 100,000 desks across eight cities.
Since its entry into the Indian market in 2016, the co-working space provider has expanded to 63 operational centres located in Chennai, New Delhi, Gurugram, Noida, Mumbai, Bengaluru, Pune, and Hyderabad.
