WeWork India Secures INR 500 Cr via Rights Issue to Bolster Growth The Bengaluru-based firm plans to utilise the funds to repay existing debt, reduce its cost of capital, and strengthen its financial health.
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Co-working space provider WeWork India Management Limited has secured INR 500 crore through a rights issue, marking a significant milestone in its journey toward becoming debt-free.
The Bengaluru-based firm, founded in 2017 by Karan Virwani, plans to utilise the funds to repay existing debt, reduce its cost of capital, and strengthen its financial health. "With the successful completion of our rights issue, we are on the path to being debt-free. This underscores the trust our shareholders have in our vision for India," said Virwani, Managing Director and CEO of WeWork India.
Operating across eight cities with over 1 lakh desks, WeWork India offers workspace solutions tailored to everyone, from solopreneurs to Fortune 500 companies. Its network spans 63 locations in Chennai, New Delhi, Gurugram, Noida, Mumbai, Bengaluru, Pune, and Hyderabad.
WeWork India is 73% owned by the Embassy Group, with WeWork Global holding the remaining 27% stake. In 2021, WeWork Global invested USD 100 million, further bolstering the company's growth.
Virwani emphasised that the latest capital infusion will not only improve the company's balance sheet but also fuel future growth, cementing its position as a leader in India's co-working industry.
With its eyes set on long-term sustainability, WeWork India continues to redefine modern workspaces, ensuring a seamless experience for its diverse clientele.
