WeWork India (WeWork India Management), a flexible workspace operator, has raised ₹500 crore via a rights issue. The funding comes from its shareholders, WeWork’s global parent and the Embassy Group.
The fresh capital will be used for the repayment of debt, strengthening the company’s pathway to being debt-free, and reducing our cost of capital.
“Over the past eight years, we have been focused on long-term, sustainable growth. With the recent successful completion of our rights issue, we are on the path to being debt-free. This underscores the trust and confidence our investors/shareholders have in our vision and strategy in India. With this capital infusion we aim to strengthen our balance sheet by repaying existing debt and aim to drive growth which will cement WeWork India’s position in the industry,” said Karan Virwani, Managing Director & CEO, WeWork India.
Since its inception in India in 2016, WeWork India operates in eight major cities including Bengaluru, Mumbai, and New Delhi. WeWork India currently manages over 100,000 desks across 63 operational centers in Chennai, New Delhi, Gurugram, Noida, Mumbai, Bengaluru, Pune, and Hyderabad.
WeWork India, an unlisted entity, is 73% owned by the Embassy Group, with WeWork Global holding a 27% stake. In June 2021, WeWork Global, a flexible workspace provider, invested $100 million in WeWork India.
