WeWork India looking to raise $300M to expand operations in India
- ByStartupStory | September 14, 2022
WeWork India, a unit of the US-listed entity WeWork, is reportedly looking to raise $300 million to expand operations in India as companies and employees are starting to come back to work and are looking for office space.
WeWork India is talking to Cerberus Capital, KKR & Co. and other private equity funds to raise the money, and hopes to close the round by the end of the year. “The demand has increased for quality work spaces. People have started moving back to offices and this is creating more opportunities for established players like WeWork,”
At present, WeWork India operates in India’s key five cities that include Delhi-NCR, Mumbai, Bengaluru, Hyderabad, and Pune. With over 40 co-working spaces encompassing over 64,000 desks across more than 5 million square feet of offices respectively. The company is in the process of adding another 25,000 desks by the end of the year already.
In order to expand in India, WeWork partnered with the Embassy Group in 2017. WeWork India is currently owned entirely by the Embassy Group, who also has the exclusive right being the independent entity to conduct WeCo’s business in the nation through a distinct corporation.
The additional funds will be put to work developing technology hubs across the nation and expanding operations in new locations. Last year, WeWork Global made a $100 million investment in WeWork India, showing their sustained confidence in the local unit’s goals.
About Wework India
Established in 2017 by Karan Virwani, WeWork India provides individuals with the space, community, and services they need to make a life, not just a living. By transforming buildings into beautiful, collaborative workspaces and provide infrastructure, amenities, events and technology so that members can focus on doing what they love.
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