WeWork India, a leading coworking space, announced on Monday that it has collected Rs 500 crore through a rights issue, primarily to pay down debt and spur additional expansion. Embassy Group, a real estate company, owns 73% of WeWork India, an unlisted company, while WeWork Global owns 27%. One of the top providers of flexible workspaces, WeWork Global, invested $100 million in WeWork India in June 2021.
“We are headed toward debt freedom after our rights matter was just resolved successfully. Through the repayment of current debt and expansion, we hope to improve our balance sheet and solidify WeWork India’s place in the market,” stated Karan Virwani, Managing Director & CEO, WeWork India.
The Bengaluru-based firm was established in 2016 and bills itself as “one of India’s leading flexible workspace operators”. Since then, it has grown to include 63 operational centers in Bengaluru, Hyderabad, Pune, Mumbai, Chennai, New Delhi, Gurugram, and Noida. Currently, the company offers Fortune 500 firms one lakh workstations for start-ups and solopreneurs.
About the Company
WeWork Inc. offers flexible workspace options to people and businesses all around the world. In addition to a variety of facilities and services like private phone booths, internet, high-speed business printers and copiers, mail and package handling, front desk services, off-peak building access, common areas, and daily enhanced cleaning solutions, the company provides workstations, private offices, and customized floor solutions. It also offers a number of value-added services, such as business and technical service solutions, such as payroll and professional employer organization services, remote workforce solutions, benefits for human resources, dedicated bandwidth, and co-location options for IT equipment.
