WeWork India raises Rs 500 Cr via rights issue to achieve debt-free status
Since its inception in India in 2016, it has expanded across 63 locations across eight cities -- Chennai, New Delhi, Gurugram, Noida, Mumbai, Bengaluru, Pune, and Hyderabad.
Co-working space provider, India Management Limited, has raised Rs 500 crore through a rights issue.
WeWork will use the capital to repay debt, strengthen its pathway to being debt-free, and reduce its 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," said Karan Virwani, Managing Director & CEO, WeWork 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,” he added.
WeWork India, operating in eight cities with over 1 lakh desks, offers workspace solutions for businesses of all sizes, from solopreneurs to Fortune 500 companies, leveraging relationships with landlords, IPCs, and members, ensuring a quality experience.
Since its inception in India in 2016, it has expanded across 63 locations across eight cities—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.
Edited by Affirunisa Kankudti