The Ledger
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Virwani: WeWork India will hit $1 billion in revenue by 2026
“So, yeah, I think within three years.”
Virwani: WeWork India operates at upwards of 20% margins
“You know, as a business hit what is called as like operating leverage, operating efficiencies, which means that we are sufficiently covering all of our costs and also incremental costs that we might have for growth by a decent margin, you know, businesses upwa…”
Virwani: WeWork India faced 500-crore vendor exposure with zero bank balance
“We had an exposure to the market of like nearly four or 500 draws. With no money in our bank at all. And just, you know, our word and our promise that we will make good.”
Virwani: WeWork India is nearing a $300 million revenue run rate
“You know, we're already sort of, like, gonna be close to about 300 odd million, you know, in terms of run rate, like, very soon.”
Virwani: Embassy Group represents roughly 20% of WeWork India's portfolio
“Actually, embassy as a landlord would be maybe about 20% of our portfolio.”
Virwani: WeWork India's occupancy crashed from 77% to 47% in 45 days
“We saw occupancy, like, what is sold, go from 77% at that point in time, down to 47% in, like, a span of 30 days, or, like, 45 days.”
Virwani's family invested $150 million of personal capital into WeWork India
“So we've invested almost hundred and fifty million of our own money in this business. And yeah, that's been over the last sort of four or five years.”
Virwani: WeWork India charges between 8,000 and 40,000 rupees per desk
“We start even as low as 8000 bucks in in certain locations and we go as high as 40,000 you know for a dedicated private office in in some locations”
Virwani: WeWork India was WeWork's first global franchise model
“So because of that, we had to finally come to what ended up becoming the first ever franchise model for WeWork, where we said that we will Take the plunge. We will, you know, the money, we will grow the business under the WeWork brand name. And, you know, you …”
Virwani: WeWork India Has 44 Locations and Over 70,000 Desks
“Today we have 44 locations, close to about, say, a little over 70,000 or deaths in the country”
Virwani: WeWork India generates positive cash and needs limited external capital
“Right now, you know, the business doesn't require much external capital. We just completed a little bit of a raise, and we are generating also positive cash, so external capital is, is really limited, but I do owe our existing shareholders some liquidity and s…”