WeWork India, a leading flexible workspace operator, has secured ₹500 crore (approximately $57.8 million) through a rights issue.
The funds will be utilized for debt repayment, reducing the company’s cost of capital, and moving towards a debt-free status.
Operating across eight cities with over 1 lakh desks, WeWork India maintains strong relationships with landlords, International Property Consultants (IPCs), and members. Since its launch in 2016, the company has grown to 63 operational centers in cities like Chennai, New Delhi, Gurugram, Noida, Mumbai, Bengaluru, Pune, and Hyderabad.
In the fiscal year ending March 2024, WeWork India’s revenue from operations rose by 26.7% to ₹1,665 crore, compared to ₹1,315 crore in the previous year, according to its consolidated financial statements.
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Despite the global challenges faced by its parent company, which filed for Chapter 11 bankruptcy in the US in November 2023 before emerging a few months later, WeWork India is charting an ambitious path. The company is planning an IPO, targeting a valuation between $2-2.5 billion.
The co-working sector in India is gaining momentum, with Awfis becoming the first to list on the stock exchange and Smartworks securing SEBI approval for its IPO.
