WeWork India clocks nearly Rs 131 crore loss in FY24, expenses up by 19%

Flexible co-working space provider WeWork India suffered a loss of about Rs 130.8 crore in FY24, down from Rs 144.5 crore in FY23.

WeWork India's total expenses last fiscal also increased by 19 per cent to Rs 1,864.3 crore. The expenses were Rs 1,566.7 crore in FY23.

The Bengaluru-based company's non-cash components such as depreciation and amortisation accounted for 40 per cent of the company's total cost. It increased by 16.9 per cent to Rs 742.8 crore, according to data accessed by business intelligence platform Tofler.

Employee costs were another major part of the company's expenses, surged by 11.9 per cent to Rs 132 crore in FY24.

The company's operating income grew 26 per cent year-on-year to Rs 1,661.6 crore in FY24 from Rs 1,314 crore in FY23.

Membership fees accounted for 84 per cent of the company's total income. IT grew 48.9 per cent year-on-year to Rs 1,402.5 crore.

Apart from this, the company received Rs 71.9 crore as other income in FY24, taking the company's gross income to Rs 1,733.5 crore.

Meanwhile, WeWork India has just raised Rs 500 crore through a rights issue, with an objective to reduce debt and increase growth.

At the end of FY24, the company had a debt of Rs 616.5 crore, and its total assets were worth Rs 4,485.3 crore, according to data.

Realty firm Embassy Group holds a 73 per cent stake in WeWork India, while WeWork Global holds a 27 per cent stake in the company.

WeWork India currently has over 100,000 desks across eight cities.

The co-working space provider has expanded to 63 operational centres in Chennai, New Delhi, Gurugram, Noida, Mumbai, Bengaluru, Pune, and Hyderabad since its inception in India in 2016.