Coworking major WeWork India has raised Rs 200 crore from investors as equity and debt to become profitable this year after witnessing a steady uptick in demand compared to last year.
“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,” WeWork India CEO Karan Virwani said.
Last year was challenging for the industry, but the company remains bullish and focuses on the growth of flexible workspaces in India.
“We are poised for sustainable long term growth and are aiming for profitability in 2021,” Virwani added.
In Q1 2021, there was slow absorption for commercial real estate with 5.53 million sq ft leased, but WeWork remained bullish with driving sales and net absorption. The firm was successful in selling more than seven lakh sq ft of area.
The firm would provide a wide range of flexible offerings amidst reporting the most successful sales quarter yet.
WeWork’s enterprise portfolio has grown by 10 per cent and now constitutes 60 per cent enterprise members.
In 2017, WeWork Global had tied up with Embassy Group to enter Indian market.
In June last year, it had invested USD 100 million (about Rs 750 crore) in WeWork India.
WeWork India has over 5 million sq ft of space leased in 35 locations, across NCR, Mumbai, Bengaluru, Pune and Hyderabad.
Globally, as of Q1 2020, WeWork Global had 828 locations in over 149 cities and 38 countries.
Embassy Group is a major player in the Indian real estate market. It has also launched the country”s first real estate investment trust (REIT)
