Sun. Sep 20th, 2020

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WeWork India to get $100 million funding from New York-based parent

2 min read

New York-based co-working startup WeWork Global is set to invest $100 million in its Indian affiliate WeWork India, the two companies said, as they try to take advantage of the long-term opportunities that India offers as a flexible workspace market.

After raising around ₹500 crore of debt, WeWork India had said last October that it planned to raise another $200 million through a combination of equity and structured debt to fund its growth following rising demand for shared workspaces in the country.

Embassy Buildcon Llp, the holding company of WeWork India, is owned by Jitu Virwani, the head of realty firm Embassy Group. WeWork India also said that if it could not raise money, Embassy may infuse some capital into the co-working business.

“WeWork is excited to be providing financial assistance to transform the workspace environment in India. WeWork India’s financial performance has shown consistent growth, and with the fundamentals in place at a building level, backed by the expertise of the Embassy Group, we believe WeWork India has the ability to be our growth vehicle and provide our members an exceptional experience,” said Sandeep Mathrani, chief executive, WeWork Global.

The company said the additional capital is a reinforcement of the potential in this category and an affirmation of India’s prospects in attracting global capital. “This financing will support WeWork India’s long-term strategy, focused on exceptional member experience and strong financial performance at the building level.”

Karan Virwani, chief executive, WeWork India, said the fresh round of capital from WeWork represents a vote of confidence in its strategy.

Source: Livemint

Read the similar article on The Fortune Leader

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