Global co-working space company WeWork’s India arm has raised Rs 550 crore from credit platform, BPEA Credit. WeWork India, which is run by the Indian real estate conglomerate, Embassy Group, said in a statement that it is bullish about India’s growth and the funding will be used to strengthen the company’s position locally as it is endeavouring to reshape the future of work.
WeWork India commenced operations in 2017. Currently, it has over 62,000 members and 41 locations and six cities in India - Bengaluru, Mumbai, Gurugram, Noida, Hyderabad, and Pune. Its portfolio comprises of small and medium enterprises, start-ups, large businesses, freelancers, etc.
Some of the notable clients include 3M, Khaitan & CO, Honeywell, Dyson and KIA.
Commenting on the development, Karan Virwani, CEO of WeWork India, said, “Flexibility is paramount in today’s workforce and the investment by BPEA Credit stands testament to the massive growth opportunity for flex workspaces in India and validates WeWork India’s strong fundamentals and healthy business model. We are laser-focused on fuelling growth opportunities and fortifying our position as the leading flexible workspace brand with customisable and innovative solutions for all businesses.”
The company also said in a statement that they reported profits in one of the quarters for the first time earlier this year.
WeWork’s last fundraise happened in 2020 when it raised Rs 750 crore from its parent company (WeWork Global) which helped it navigate through the COVID-19 crisis. Moreover, the company’s loss which was Rs 120 crore in CY21 jumped 250 per cent to become Rs 175 crore profit in CY22.
Avendus Capital Private Limited was the investment banking partner for WeWork India for this transaction.
In October, WeWork India made its first investment in Bengaluru-based conferencing and collaboration platform, Zoapi. Founded in 2019, Zoapi is a unified conferencing and collaboration solution provider for enterprise companies, coworking spaces, and education centers.
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