WeWork India IPO: Here is how the global working giant's India unit stack up against its peers

WeWork India will be launching its public issue on Friday. The company will raise approximately ₹3,000 crore, which will be purely an offer for sale with Embassy Buildcon LLP selling 3.54 crore shares, while 1Ariel Way Tenant (WeWork International) will be selling 1.089 crore shares.

Currently, Embassy Group holds about 76.21% in WeWork India, while WeWork Global owns 23.45%.

Established in 2017, WeWork India operates under an exclusive license of the 'WeWork' brand in India and is promoted by the Bengaluru-based real estate major Embassy Group.

In its draft papers, WeWork India stated that the objective of the offer is to achieve the benefits of listing its equity shares on the stock exchanges. The company expects the listing to enhance visibility, provide liquidity to existing shareholders, and establish a public market for its stock in India.

According to the RHP, Smartworks India, Awfis office space solutions, and IndiQube Spaces are its closest peers. Here is how WeWork India fares against its closest competitors.

Leased area, cities and desks

WeWork India, launched in 2017, is a leading premium flexible workspace operator in India. It has played a key part in the growth of the flexible workspace sector in India. The company is the second largest co-working or flexible workspace provider in India, with 8.09 million square feet of leasable area, only second to Smartwork Coworking Spaces with 10.08 million square feet. Followed by Awfis Space Solutions at 7.8 million square feet and IndiQube Spaces at 7.39 million square feet. In terms of Occupancy rates. In terms of the occupancy, WeWork India holds 76.4% as of Q1FY26, while Awfis Space Solutions holds 73% and Smartwork Coworking Spaces holds occupancy rates of 83%. IndiQube Solutions holds the highest occupancy rates at 85% amongst all.

Top line

In terms of revenue, WeWork India tops the chart with nearly ₹2,024 crore as of FY25, followed by Smartwork Coworking Spaces at ₹1496 crore, Awfis Space Solutions at ₹1,206 crore and lastly IndiQube Spaces at ₹1,102 crore in the FY25. However, in terms of revenue growth for FY25, IndiQube Spaces and Awfis Space Solutions showed a stellar growth of 44%, while WeWork India and Smartwork Coworking Spaces reported over 26% YoY growth.

Operational efficiency

On the operational front, WeWork India posted an EBITDA of (Earnings before interest, taxes, depreciation and amortisation) of ₹1,235 crore, which highest amongst the industry and its peers. Meanwhile, Smarwork Coworking reported EBITDA of ₹852 crore, followed by IndiQube at ₹616 crore and lastly Awfis Space Solutions at ₹402 crore. In terms of EBITDA margin, only Awfis Space Solutions held the lowest among the pack at 33%, while the other three competitors, including WeWork India, hold EBITDA margins above 60%.

Bottomline

On the bottom line front, WeWork India and Awfis Space Solutions are the only two players in the industry with a positive bottom line, while Smartwork Coworking and IndiQube Spaces posted a negative bottom line as of FY25. WeWork India reported a net profit of ₹128 crore, as against a net loss of ₹135 crore in FY24. Similarly, Awfis Space Solutions turned profitable in FY25 at ₹67 crore profit after tax as compared to ₹17.5 crore net loss in the previous year. Meanwhile, Smartwork Coworking Spaces and IndiQube Spaces posted a net loss of ₹63 crore and ₹139 crore in the FY25.

We Work India Q1FY26 results In the latest quarterly results, WeWork India reported a total revenue from operations of ₹535 crore, up by 19.3% YoY. Similarly, the EBITDA for the quarter also jumped 18% YoY to ₹335 crore. Lastly, the company reported a net loss of ₹14 crore as compared to ₹29 crore in the previous year’s same period.