Flexible co-working space provider WeWork India reported a loss of around Rs 130.8 crore in FY24, down from Rs 144.5 crore in FY23.
WeWork India’s total expenses in the last fiscal rose 19 percent to Rs 1,864.3 crore. The expenditure was Rs 1,566.7 crore in FY23.
The Bengaluru-based company’s non-cash components such as depreciation and amortization accounted for 40 percent of the company’s total expenses. It increased by 16.9 percent to Rs 742.8 crore, according to data accessed by business intelligence platform Tofler.
Labor costs were another major component of the company’s expenses, rising 11.9 percent to Rs 132 crore in FY24.
The company’s operating income grew 26 percent year-on-year to Rs 1,661.6 crore in FY24 from Rs 1,314 crore in FY23.
Membership fees account for 84 percent of the company’s total revenue. It grew by 48.9 percent year-on-year to Rs 1,402.5 crore.
Apart from this, the company earned Rs 71.9 crore as other income in FY24, taking the total revenue of the company to Rs 1,733.5 crore.
Meanwhile, WeWork India recently raised Rs 500 crore through a rights issue, with the aim of reducing debt and increasing 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 the data.
Realty firm Embassy Group has 73 percent stake in WeWork India, while WeWork Global has 27 percent stake in the company.
WeWork India currently has over 100,000 desks across eight cities.
The co-working space provider has expanded to 63 service centers in Chennai, New Delhi, Gurugram, Noida, Mumbai, Bengaluru, Pune, and Hyderabad since its inception in India in 2016.