Wework India to Raise $200m
The Indian arm of US co-working giant WeWork is reported to be in early-stage talks with investors including Goldman Sachs and Warburg Pincus to raise up to $200 million. This is said to be a move that could boost WeWork India’s valuation to as much as $1 billion.
Singaporean sovereign wealth fund GIC is also said to have shown interest in the potential deal. Manhattan-based WeWork, which is valued at $20 billion, brought its flexible office empire to India in late 2016 through a partnership with Embassy Group, giving the homegrown developer exclusive rights to operate the brand’s spaces in the country.
WeWork India currently operates 12,000 desks with a target of more than doubling that number by year-end. The company has 14 locations open or under development in Bangalore, Gurgaon and Mumbai and aims to expand into new market such as Pune, Chennai, and Hyderabad by next year. The brand opened its first Indian co-working centre, a huge 2,200-seat facility in Bangalore in July of last year.