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WeWork to Take Majority Control of India Affiliate for $1.9 Billion

WeWork to Take Majority Control of India Affiliate for $1.9 Billion

New York-based WeWork plans to take majority control of its India affiliate, in a deal that will allow the shared-office startup to consolidate financial results from the fast-growing unit as it prepares for an initial public offering this year.

WeWork India is a brand franchisee controlled by real estate billionaire Jitu Virwani, chairman and managing director of Bangalore-based Embassy Group, and his son Karan Virwani, CEO of  WeWork India. The license ends in 2021.

a WeWork office

India is one of WeWork’s fastest-growing markets, with 35,000 seats in more than 20 shared locations 18 months after launch. It hosts companies such as Microsoft Corp. and Amazon.com Inc. in Bangalore, and Spotify Technology SA and Bumble in Mumbai. The India unit is poised to grow to 90,000 seats by March next year, the end of fiscal 2020.

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