Tech3 | Business as usual @ WeWork India; MeitY notice to Apple over threat alert; and more

One quick thing: Investors bid for 7.6 times the number of shares on offer in Mamaearth's IPO, with institutional buyers driving most of the demand (11.5x oversubscribed) and high-net-worth individuals (4x oversubscribed).?

·???????? The retail investor portion saw 1.35x oversubscription

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In today’s newsletter:?

·???????? Business as usual @ WeWork India

·???????? MeitY notice to Apple over threat alert

·???????? Who are the most generous Indians

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Business as usual @ WeWork India

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While WeWork struggles to stay afloat, the India CEO is trying to clarify how distant his franchise is from the global entity.

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Driving the news: WeWork global going bankrupt will have no impact on WeWork India's operations, according to country CEO Karan Virwani.

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“There is the misconception that we are a subsidiary. We aren’t. We are a fully independent Indian company that has full control here and not answerable to (the) global (team),” Virwani said.

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Yes, but why?: While WeWork Global holds a stake in WeWork India, it is not a subsidiary of the global entity. We dug deeper to understand the arrangement.?

·???????? WeWork only owns 27.5% of WeWork India, through its UK subsidiary, 1 Ariel Way Limited.?

·???????? The remaining 72.5% is owned by the Embassy Group?

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WeWork India only pays a management fee of $2-4 million to the global entity; it receives no share in revenues.

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Financial prowess: While WeWork Global is neck-deep in losses, the India franchise is profitable and growing.

·???????? WeWork India ended FY23 with a revenue of Rs 1,400 crore and a profit after tax of roughly Rs 60 crore

·???????? WeWork India is growing 40% YoY and aims to add 20,000 seats every year

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With WeWork's share prices down 99% on a year-to-date basis, the long-running joke that WeWork India could acquire the global entity, may finally come to fruition.

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Dig deeper

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