Bangalore, India-based coworking space company WeWork India raised USD 66 million (INR 550 crore) in the latest funding. The company announced the financing on December 26, 2022. Hong Kong-based private equity company BPEA Credit led the investment for the giant coworking company.
Indian real estate conglomerate Embassy Group runs WeWork India. Avendus Capital Private Limited served as the exclusive investment banking partner for WeWork India on this transaction.
Purpose of investment by WeWork India
With the latest proceeds from the recent financing, the company intends to use the latest capital injection for scaling future growth.
Meanwhile, it is on the lookout for potential consolidation opportunities. Earlier in 2020, the company bagged INR 750 crore in funding. Its parent company WeWork Global led the financing back then for the firm. The company played a crucial role in stabilising the business during Covid 19 situation with the aid of financing.
What the CEO of the company has to say
Speaking on the recent fundraise, 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.”
What the Avendus Capital Partner has to comment
Prateek Jhawar, Executive Director and Head, Infrastructure & Real Assets Investment Banking Avendus Capital, further added, “This fund raised by WeWork India strongly underscores the increasing confidence of the investment community in the growth prospects of India’s flex workspace sector. This would be one of the largest transactions in this sector, and we are confident that it will open up many such investment opportunities.”
About the company
Karan Virwani serves as the company’s Chief Executive Officer. Earlier in 2017, WeWork Global partnered with Bengaluru-based Embassy Group to enter the Indian market. WeWork India also recently made its first investment in the Bengaluru-based conferencing and collaboration platform Zoapi.
The company already boasts of presence in regions such as Noida and Gurugram in the Delhi-NCR market. It further has plans to foray into Delhi Market. WeWork India’s clients’ portfolio comprises 70 per cent of enterprises. Meanwhile, 30 per cent includes startups, freelancers, and SMEs.
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