Wework India Raises $100 Million From Wework Global
Published on 5th Sept, 2020 | 1 min read
BENGALURU: US-based office space provider WeWork Global has bought 20 per cent stake in Wework India, a fully-owned subsidiary of Bengaluru-based estate developer Embassy Group, for $100 million as the company looks to scale up India operations over the next 36 months. Embassy Group had 100% rights over WeWork India, which is an independent entity with the right to execute WeWork’s business in the country. WeWork entered into a partnership with Embassy Group in 2017 and started operations in the Indian market. “India is one of the key markets for WeWork.The fresh round of capital from our long-term partners at WeWork global represents a vote of confidence in our strategy and in India operation. Sandeep Mathrani, global CEO of WeWork will also have a board seat in the India operation,” said Karan Virwani, CEO of WeWork India. The transaction valued the WeWork India business at around $500 mn. WeWork India had earlier told ET that it plans to raise $200 million to expand its India operations. WeWork India, which had earlier planned to increase the number of desks to 90,000 by the end of 2020, said the focus is now on profitability rather than growing the number of seats.
