WeWork India Management Limited – IPO Reviews 2025, Analysis and Notes

Recommendation: Subscribe – Long term

Key Highlights

Company Background

WeWork India Management Limited, incorporated in 2016 and headquartered in Bengaluru, is a leading premium flexible workspace operator in India. The company began operations in 2017 and is the exclusive licensee of the WeWork brand in India, offering customized offices, co-working spaces, and enterprise solutions. Majority-owned and promoted by Embassy Group, a prominent Indian real estate developer, the company benefits from strong backing and access to Grade A commercial properties. Over the years, it has played a pivotal role in shaping the flexible workspace ecosystem in the country, catering to enterprises, startups, and individuals.

Market Opportunity

India’s flexible workspace market is witnessing strong momentum, driven by hybrid work adoption, demand for capital-efficient solutions, and evolving workplace strategies. The total addressable market is projected to reach 280–300 Mn sq. ft. and ₹730–960 billion by 2027, highlighting significant headroom for growth. Tier 1 cities such as Bengaluru, Mumbai, and Delhi NCR remain the primary demand centers, accounting for the majority of absorption. Rising interest from Fortune 500 companies, GCCs, MSMEs, and startups underscores the sector’s broad-based appeal. With its scale, brand, and Grade A portfolio, WeWork India is well positioned to capture a meaningful share of this expanding market.

Integrated Capabilities for Industry Excellence

WeWork India enjoys strong brand leadership, consistently ranking ahead of competitors in awareness and customer perception. Its portfolio is built on prime Grade A locations, supported by modern design, premium amenities, and global operating standards. The company offers unmatched flexibility and scalability, catering to enterprises, startups, and individuals with tailored solutions. Backed by Embassy Group and the global WeWork network, it leverages scale, reputation, and community engagement to maintain a competitive edge.

Strategic Relationships and Future-Ready Positioning

The company focuses on expanding its portfolio in Tier 1 cities while maintaining strong unit economics and profitability. It continues to diversify offerings—from private offices to managed solutions, virtual offices, and SaaS platforms—targeting enterprises, startups, and individuals. A key priority is leveraging technology and data analytics to enhance member experience, optimize occupancy, and streamline operations. Partnerships with marquee developers and global corporates underpin its scalable growth model. Additionally, the company emphasizes sustainability and community engagement, integrating ESG practices into its operations to strengthen brand equity.

Financials

Over FY23–FY25, the company has demonstrated exceptional top-line performance, with revenue growing from ₹1,422.7 crore in FY23 to ₹2,024 crore in FY25, marking a CAGR of 19.30%. During the same period, EBITDA surged from ₹795.6 crore to ₹1,235.9 crore, achieving a 24.5% CAGR, while PAT turned positive after losses in the previous two years. At the upper price band of ₹648, the IPO is valued at a P/E of 67.5x based on FY25 post-issue EPS. While valuations appear rich, given the company’s growth potential and premium brand positioning, a Long-Term Subscribe rating is justified.

Key Risks

WeWork India faces risks from its dependence on the WeWork brand and global systems, where any disruption or termination of the licensing agreement could materially impact operations. The business is highly sensitive to lease obligations and landlord concentration, exposing it to cost pressures and renewal risks. It is also vulnerable to macroeconomic shifts and real estate cycles, which directly influence demand for flexible workspaces. Reputational risks, regulatory proceedings involving promoters, and related-party transactions add further uncertainty.

Issue Highlights

Offer Structure

Lead Book Running Managers

• JM Financial Ltd.

• ICICI Securities Ltd.

• Jefferies India Pvt. Ltd.

• Kotak Mahindra Capital Co. Ltd.

• 360 One WAM Ltd.

Registrar to the Offer

• MUFG Intime India Pvt. Ltd.

Research Analyst

Rajan Gupta
rajan.gupta1@religare.com

Research Team

• Ajit Mishra – ajit.mishra@religare.com

• Abhijeet Banerjee – abhijeet.banerjee@religare.com

• Gaurav Sharma – gauravsharma2@religare.com

• Ashwani Harit – ashwani.harit@religare.com

• Divya Parmar – divya.parmar@religare.com

• Vinay Kalani – vinay.kalani1@religare.com

• Rajan Gupta – rajan.gupta1@religare.com

• Author: Religare Broking
• Last Updated: October 1, 2025