ICICI Securities has assigned a target valuation of ₹937 to WeWork India, citing strong growth prospects driven by GCC expansion, AI-led demand, and premium flexible office solutions. The brokerage expects robust revenue and EBITDA growth while highlighting the company’s ambitious plan to expand its portfolio to 11.6 million square feet.
India’s flexible workspace sector has received another vote of confidence as ICICI Securities assigned a target valuation of ₹937 to WeWork India, reflecting optimism around the company’s long-term growth strategy. Although WeWork India remains a privately held company and is not listed on the stock exchanges, the valuation underscores the increasing importance of premium flex workspaces in India’s evolving commercial real estate market.
The brokerage maintained a “Buy” outlook in its latest analyst report following discussions with the company’s management. According to the report, WeWork India is positioning itself to capitalise on growing enterprise demand by expanding its premium flexible office portfolio while strengthening its presence across key business hubs. ICICI Securities expects the company to deliver a 23% compound annual growth rate (CAGR) in revenue and a 29% CAGR in EBITDA over FY26-FY28.
Expansion Strategy Backed by Enterprise Demand
WeWork India currently operates approximately 8.6 million square feet of workspace, accommodating nearly 126,900 desks. The company plans to expand its operational footprint to 10.3 million square feet by March 2027, with a long-term goal of reaching 11.6 million square feet, supporting around 175,000 desks.
The expansion reflects growing confidence in India’s office market, where companies continue to adopt flexible workspace models as part of their long-term real estate strategies. Premium managed offices are increasingly becoming the preferred choice for enterprises seeking scalability, operational efficiency, and high-quality workplace experiences across multiple cities.
GCC Growth and AI Fuel the Next Wave
One of the key growth drivers identified by the company is the rapid expansion of Global Capability Centres (GCCs) across India. Management also believes that the rise of artificial intelligence (AI) will create new demand for collaborative, high-quality office environments rather than reducing the need for physical workspaces.
Rather than replacing offices, AI-driven businesses are expected to accelerate hiring in specialised functions, increasing the need for flexible, premium office infrastructure. This trend aligns with the broader shift toward enterprise-grade flex spaces that combine agility with long-term operational support.
Competitive Market Presents Execution Challenges
Despite the positive outlook, the report notes that WeWork India’s growth ambitions will depend on successful execution. Expanding millions of square feet into revenue-generating occupied workspaces requires strong leasing performance and sustained enterprise demand.
The company also operates in an increasingly competitive market alongside major flex workspace providers such as Smartworks, Awfis, and several regional operators. Changes in corporate leasing strategies, weaker demand from GCCs or technology companies, or occupancy challenges could affect profitability. Maintaining a healthy balance between long-term lease obligations and short-term workspace revenues will remain critical as the company continues to scale.
While the ₹937 valuation is not a tradable stock recommendation due to WeWork India’s private status, it highlights growing institutional confidence in India’s flexible office sector. As enterprises continue to embrace hybrid work models and premium managed workspaces, the sector is expected to remain one of the strongest growth segments of the country’s commercial real estate industry.
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