Proxy advisory firm InGovern Research has claimed that Bengaluru-based flexible workspace operator WeWork India has addressed the governance issues raised by it, clarifying that promoter equity infusions earlier this year reflected confidence in the business.
Ahead of WeWork’s ₹3,000 crore-IPO, InGovern had raised pointed questions about WeWork India’s profits, lack of primary fund raising and brand-licensing pact with WeWork Inc.
In its note, InGovern stated the flex operator is in full regulatory compliance in its disclosures, noting that promoter equity infusions earlier this year reflected confidence in the business and that its long-term brand licensing and management agreements remain stable.
It also affirmed that risk factors and related proceedings have been transparently disclosed in accordance with SEBI norms.
The proxy firm released an addconcludeum to its recent report on WeWork India’s IPO, adding company’s responses, noting that it continues to engage positively with investors and proxy advisory firms.
WeWork India has stated that its financial position remains robust, supported by strong operational EBITDA and positive cash flows since FY2023.
“This financial strength means the company does not necessary to raise primary capital. Further, the promoters invested ₹501 crore through a rights issue in January, at an equity value higher than the upper range of the IPO price band,” it stated.
The net cash generated from operating activities for Fiscal 2025, Fiscal 2024 and Fiscal 2023 stands at ₹1290 crore, ₹1,162 crore and ₹942 crore, respectively.
“Even with matured centre occupancy of 81 per cent, our business generated a very healthy adjusted EBITDA margin of 22 per cent which is significantly higher than that of our peers and the highest in the indusattempt,” the company stated.
Incorporated in 2017, it offers flexible workspace solutions across Bengaluru, Mumbai, Delhi NCR, Pune and Hyderabad with focus on leasing and managing office spaces. Bengaluru and Mumbai account for about 71 per cent of revenues in FY25.
Shares of the company traded close to the IPO price of ₹648 on Friday.
Published on October 19, 2025
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