WeWork India funding

Coworking firm WeWork India announced that it has raised Rs 200 crore from investors as equity and debt to expand its business and grow profitable this year.

The Bengaluru-based startup, which offers flexible workspace to corporates and individuals, sold 10,000 desks in the March quarter covering nearly 7 lakh sq ft office space.

WeWork stated it has raised Rs 200 crore from investors via a mix of debt and equity.

Speaking about the development, Karan Virwani, CEO, WeWork India said, The new capital we have raised will help us in continuing our upwards momentum and truly explore the potential of flexible workspaces in the Indian market.”

Asserting that the future of flexible workspaces looks bright, he said the company has the appropriate foundations and experience to offer safe, flexible options for companies and workforce of all sizes.

“While last year was challenging for the industry, we have seen a steady uptick in demand from members of all sizes, and we will continue to remain bullish and focus on the growth of flexible workspaces in the country.”

‘We are poised for sustainable long-term growth and are aiming for profitability in 2021,’ Virwani said.

The company’s focus would persist on providing a wide range of flexible offerings to fulfill its members’ growing needs, he added.

Keeping up with its long-term growth strategy and goal for profitability, the company claimed to have recorded the most successful sales quarter so far.

WeWork has sold 10,000 desks and remains dedicated to sustaining the growth of the flexible workspace industry while also reaching long-term sales and revenue targets.

Despite the slow penetration for commercial real estate with 5.53 million sq ft leased in Q1 2021, WeWork continued to be bullish with pushing sales and net absorption, with over 7 lakh sq ft of the area being sold.

WeWork claims to have observed a huge demand from companies that are now looking at flexible workspaces as a possible long-term real estate option.

WeWork’s enterprise portfolio has risen by 10 percent and now composes 60 percent enterprise members.

In 2017, the company had partnered with Embassy Group to access the Indian market.

It had also invested $100 million in WeWork India in June last year.

WeWork India has more than 5 million sq ft of space leased in 35 locations, across NCR, Mumbai, Bengaluru, Pune, and Hyderabad.

As of Q1 2020, WeWork Global had 828 locations in over 149 cities and 38 countries.

Embassy Group is a leading player in the Indian real estate market and has also rolled out the country’s first real estate investment trust (REIT). 

Flexible Workspaces have become the rage since the world was hit with the COVID pandemic. While businesses are slowly resuming operations, the demand for flexible workspaces is not going to fall. With the recent round of funding, WeWork is looking at great opportunities to scale its business.

Shishir Gupta, Founder and CEO, StartupLanes

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