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WeWork India gets $100-million funding boost from parent company

It will use the funds for prioritising growth in the Indian market over the next 36 months, the company has said.

WeWork India, the platform that provides collaborative workplace solutions, will receive $100 million in funding from WeWork Global to help boost growth, the company said in a statement.

In line with its belief that the future of work will be centred around flexible workspaces, a shift accelerated by the pandemic, WeWork India is looking to navigate this transformation by prioritising focused growth in the Indian market over the next 36 months, it said.

“The fresh round of capital from our long-term partners at WeWork Global represents a vote of confidence in our strategy and will help us serve our community better,” said Karan Virwani, CEO, WeWork India.

The company sees a new opportunity in the flexible workspace industry in India and around the world.

WeWork Global believes in the potential of India as a flexible workspace market and the additional capital addresses the long-term opportunity, the company said.

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The pandemic has accelerated the shift to flexible workspaces, with businesses of all sizes looking to manage cash flows effectively by moving costs to a variable model.

"Space as a service is a huge opportunity for them to free up cash, and WeWork has the right foundations and experience to provide safe, flexible workspaces," it said.

WeWork entered into a partnership with Embassy Group, India’s leading integrated real estate developer in 2017, and started operations.

Embassy Group holds 100 percent rights over WeWork India, which is an independent entity with the right to execute WeCo’s business in the country.

Since entering India, WeWork has been providing full service and innovative workspaces, with more than 60,000 desks in 34 locations in six cities.
Moneycontrol News
first published: Jun 5, 2020 06:44 pm

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