WeWork India takes commercial real estate - an asset class that has historically been illiquid and slow - and turns it into something fluid, on-demand, and configurable to exactly how a business wants to use it. The company was conceived in 2017 to democratise access to premium workspaces without long-term commitments or upfront capital, and it has since evolved into what management calls a “full stack platform” that sits behind how India’s enterprises grow. The recurring approach is to absorb the complexity of Grade-A real estate - through in-house design, build, technology, and capital - so that companies of any size can plug into ready-to-use space and scale on short notice, a model built for a world where three-quarters of enterprises now plan within three years and traditional five-to-ten-year leases no longer fit.
Business segments
Two engines at different stages - a workspace-as-a-service core that generates the bulk of revenue today, and a design-and-build platform just launched externally that extends the same in-house capability to clients who want their own branded space.
1. Flexible workspaces: where enterprises plug in and scale
The company takes Grade-A buildings on lease, transforms them into fully managed, tech-enabled offices, and offers them to everyone from freelancers to Fortune 500s on flexible terms - collecting a premium spread between what members pay and what it costs to run the space.
- Two core formats, one delivery engine - Private offices are dedicated suites inside WeWork-branded centres with all-inclusive pricing and scalable seat count; managed offices are custom-built enterprise spaces branded to the client, executed only after a specific requirement is identified, creating a 1:1 link between asset and committed demand. Managed offices have more than doubled their share of core operations to 21% over two years, and clients often use both formats simultaneously for different teams.
- Revenue locked in before the rent is due - The business model is workspace-as-a-service: fixed costs are incurred on day one, revenue builds as centres mature, and the portfolio breakeven occupancy is just 54.8%, meaning even newer centres run comfortably above the line. Remaining locked-in core revenue as of March 2026 was ₹2,940 crores against locked-in rental cost of ₹986 crores, a 3x positive multiple, and FY27 opened with ₹1,885 crores of core revenue already contracted before the year began.
- Enterprises run mission-critical operations inside - More than three-quarters of core revenue comes from enterprises, with Fortune 500 companies contributing 28%, and 65% of core revenue comes from global members headquartered outside India. Members use the spaces for content studios, R&D labs (including one of only two EtherCAT industrial-automation labs in India), AI development centres with GPU-ready workstations, 24/7 broadcast command centres, and EV testing facilities with battery testing infrastructure - not just desks.
- Scale that compounds on itself - The company operates 76 centres with 8.6 million sq. ft. of operational space and 110,000 members across eight cities, with 36% capacity growth already signed and contracted before FY27 begins. More than half of new desk sales in FY26 came from existing members expanding, and the company sold 48,000 desks covering 3.3 million sq. ft. - its highest-ever 12-month velocity.
- A moat that is easy to enter but hard to replicate - The business requires thousands of crores of capital, long-standing landlord relationships to access Grade-A supply, a premium brand with global recall, proprietary technology, and a full-stack product suite that competitors at similar scale and quality cannot match. Landlords prefer WeWork India as a tenant because its brand aligns with the premiumness of their assets, and the revenue-to-rent multiple of 3.0x on total revenue demonstrates the pricing power that comes from that position.
2. Rivet: design-and-build for everyone else’s workspace
Using the same in-house delivery engine that built 8.6 million sq. ft. of its own centres, the company now designs and builds custom workspaces for external clients - a capital-light business with no lease liability, where revenue is milestone-based and margin flows straight to the bottom line.
- Incubated internally, launched externally - Rivet was built inside the company’s own delivery engine over two years and launched as a distinct business line in March 2026, extending the full-service platform into design and build for enterprises, landlords, and developers who want their own branded space.
- Four service tiers, one contract - The highest-margin offering is Design and Build on a cost-plus-margin model; Project Management consultancy is asset-light with the client appointing contractors; Architect-of-Record and Engineer-of-Record design services yield approximately 100% margin using in-house teams with no subcontracting; and productised kits are tailored to specific use cases like GCCs, startups, and BFSI headquarters.
- Economics that bypass the lease burden - Unlike the core workspace business, Rivet carries no lease liability, no right-of-use depreciation, and no Ind AS 116 impact, so EBITDA margin converts directly to PBT margin with no leakage. It opens every workspace-building customer in India as a potential client, not just those taking WeWork space, and it helps retain growing members within the ecosystem - WeWork members who outgrow spaces can be captured by Rivet for their independent offices, while Rivet customers can convert into flex demand for satellite teams and new-market entry.
Group structure and partners
The company is promoted by Embassy Group, one of India’s largest commercial real estate developers, and operates with a listed board and an executive team that spans real estate, technology, and enterprise services.
- Embassy Group holds 49.80% of shares and has developed or managed over 8.5 crore sq. ft. of commercial projects, giving WeWork India privileged access to Grade-A supply and landlord relationships.
- The company is listed on NSE (Symbol: WEWORK) and BSE (Scrip Code: 544570), with a board comprising three independent directors alongside the chairman, managing director, and a nominee director.
- Rivet is a business line within the company, not a separate legal entity, and is led by Arnav Gusain as CEO in addition to his role as Chief Supply Officer at WeWork India.
- The company has a subsidiary that generated ₹8.96 crores in revenue in FY26 and holds an investment in an associate valued at ₹12.7 crores, with a share of profit of ₹2.1 crores in the year.