Versatile co-working area supplier WeWork India suffered a lack of about Rs 130.8 crore in FY24, down from Rs 144.5 crore in FY23.
WeWork India’s whole bills final fiscal additionally elevated by 19 per cent to Rs 1,864.3 crore. The bills had been Rs 1,566.7 crore in FY23.
The Bengaluru-based firm’s non-cash parts reminiscent of depreciation and amortisation accounted for 40 per cent of the corporate’s whole value. It elevated by 16.9 per cent to Rs 742.8 crore, in line with information accessed by enterprise intelligence platform Tofler.
Worker prices had been one other main a part of the corporate’s bills, surged by 11.9 per cent to Rs 132 crore in FY24.
The corporate’s working earnings grew 26 per cent year-on-year to Rs 1,661.6 crore in FY24 from Rs 1,314 crore in FY23.
Membership charges accounted for 84 per cent of the corporate’s whole earnings. IT grew 48.9 per cent year-on-year to Rs 1,402.5 crore.
Other than this, the corporate obtained Rs 71.9 crore as different earnings in FY24, taking the corporate’s gross earnings to Rs 1,733.5 crore.
In the meantime, WeWork India has simply raised Rs 500 crore by a rights difficulty, with an goal to cut back debt and improve progress.
On the finish of FY24, the corporate had a debt of Rs 616.5 crore, and its whole belongings had been value Rs 4,485.3 crore, in line with information.
Realty agency Embassy Group holds a 73 per cent stake in WeWork India, whereas WeWork International holds a 27 per cent stake within the firm.
WeWork India presently has over 100,000 desks throughout eight cities.
The co-working area supplier has expanded to 63 operational centres in Chennai, New Delhi, Gurugram, Noida, Mumbai, Bengaluru, Pune, and Hyderabad since its inception in India in 2016.
