WeWork India seeks assistance from PE funds to raise USD 300 million

WeWork India seeks assistance from PE funds to raise USD 300 million

by Pranali Mehta

WeWork India, a division of the US-listed company WeWork Inc., is apparently seeking to raise USD 300 million in order to expand operations in India as companies and employees start looking for workspace again.

However, WeWork India expects to finalize the round of funding by the end of the year and is in discussions with Cerberus Capital, KKR & Co., and other private equity groups regarding the funding. Sources claim that there is a greater need for high-quality workstations as more people return to working in offices, and new chances are opening up for seasoned players like WeWork.

Notably, the coworking behemoth currently has operations in five major cities namely Delhi-NCR, Mumbai, Bengaluru, Hyderabad, and Pune. It also manages 40 coworking spaces with more than 64,000 desks spread across more than 5 million square feet of workspaces.

Interestingly, by the end of the year, it is expected to have additional 25,000 more desks. Further, the additional resources will be put to work developing technology hubs across the nation and expanding operations in new locations.

Also, it is worth mentioning last year WeWork Global made a USD 100 million investment in WeWork India, showing their sustained confidence in the local unit's goals.

In order to expand in India, WeWork partnered with the Embassy Group in 2017 and is currently owned entirely by the Embassy Group, which also has the exclusive right to conduct WeCo's business in the nation through a distinct corporation.

While speaking of current times virtually every industry’s employees are looking for work arrangements that allow them to work partially remotely while also having access to office space where they can physically collaborate with their coworkers.

As more and more businesses return to the office, hybrid work has emerged as the norm. WeWork has the flexibility to provide the kinds of solutions businesses are looking for as a result of these new arrangements, which have permanently transformed their real estate demands.

Source Credit: https://yourstory.com/2022/09/wework-india-raise-300m/amp

Pranali Mehta

A chemical engineer by qualification, Pranali Mehta dutifully walked down the slated path and worked in a chemical firm for a year. Her passion for writing however, pushed her into experimenting with the same as a career. With over three years of experience in content writ Read more...