Flexible workspace provider, WeWork India has raised Rs 550 crore from funds managed by a private credit platform, BPEA Credit.
The company said in a press statement the funds will allow its expansion and boost performance in FY23.
Avendus Capital Private Limited was the investment banking partner for WeWork India on this transaction.
Karan Virwani, CEO of WeWork India, said, "Flexibility is paramount in today’s workforce and the investment by BPEA Credit stands testament to the massive growth opportunity for flex workspaces in India and validates WeWork India’s strong fundamentals and healthy business model."
On the expansion, Virwani had said the portfolio would reach 6.5 million square feet by March next year and 8 million square feet by December 2023.
"In terms of desks, we will reach around 1 lakh by end of the next calendar year," he added.
In October 2022, the company made its first investment in the Bengaluru-based conferencing and collaboration platform Zoap.
Earlier this year, the company announced its first profitable quarter and clocked a revenue of Rs 1300 crore by 2022-end. Previously in 2020, WeWork India raised Rs 750 crore via funding from WeWork Global.
At present, the EBITDA jump is 250 percent from a loss of Rs 120 crore in 2021 to a profit of Rs 175 crore in 2022.
Operational across six cities in India, Bengaluru, Mumbai, Gurugram, Noida, Hyderabad, and Pune, currently the company has a portfolio of 6 million square feet (msf) across 41 locations.
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