WeWork India Raises Rs 500 cr Via Rights issue

WeWork India, a flexible workspace operator in India, has raised Rs 500 crore (around $57.8 million) via a rights issue from Embassy Group and WeWork Global.

Funding Utilisation

The funds will be used to pay off debt, help the company become debt-free and lower the cost of capital.

In June 2021, WeWork Global, a major provider of flexible workspaces, invested $100 million in WeWork India. 

WeWork India, which is not listed, is mainly owned by the real estate firm Embassy Group with a 73% stake, while WeWork Global holds 27%.

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Karan Virwani, Managing Director & CEO of WeWork India, said, "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 investment, he said the company plans to improve its finances by paying off debt and focusing on growth.

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WeWork India is now planning an IPO and hopes to be valued at $2-2.5 billion. Awfis was the first Indian co-working startup to go public, and Smartworks has received SEBI approval for its IPO.

About WeWork India 

Bengaluru-based WeWork India was founded in 2016, it is currently operating in eight cities with over 100,000 desks, working with key partners like landlords, International Property Consultants (IPCs) and members. 

WeWork India has expanded to 63 centers in Chennai, New Delhi, Gurugram, Noida, Mumbai, Bengaluru, Pune, and Hyderabad.

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