WeWork Global in talks to sell entire 27% stake in WeWork India

In June 2021, WeWork Global invested USD 100 million in WeWork India to pick a 27 per cent stake. The investments helped Indian business to tide over the financial difficulties during the COVID pandemic, which had severely affected the office market.

When contacted, WeWork India CEO Karan Virwani declined to comment.

Sources said, WeWork India will continue to use the 'WeWork' brand even if WeWork Global sells its entire stake and exits from the India business. WeWork India will pay some fees to use the brand name.

In November last year, WeWork Global filed for bankruptcy in the US and also started a comprehensive reorganization and restructuring process to cut debt and strengthen its balance sheet.

NYSE-listed WeWork Inc had said that its centres located outside the US and Canada will not be part of this proceedings.

Softbank-backed WeWork Inc, which was founded in 2010 and once valued at USD 47 billion, had reported a net loss of USD 696 million in the first half of 2023.

WeWork India has been maintaining that the development in the US business would not impact Indian operations in any manner.

"WeWork India operates independently of WeWork Global, and our operations will not be affected in any manner," Virwani had said.

"During this period, we will continue to hold the rights to use the brand name as part of the operating agreement, while serving our members, landlords, and partners as usual," he had asserted.