WeWork India Secures Rs 500 Crore to Bolster Growth and Reduce Debt

WeWork India has raised Rs 500 crore through a rights issue, with investments from Embassy Group and WeWork Global. The funds will be used to repay debt and fuel future growth. WeWork India continues to expand, operating over 1 lakh desks across eight cities since its 2016 inception.

WeWork India announced on Monday a significant financial move, securing Rs 500 crore through a rights issue to primarily reduce debt and support further expansion efforts. The capital injection sees joint contributions from principal stakeholders Embassy Group and WeWork Global.

The Bengaluru-based co-working space leader, in which Embassy Group holds a 73% share and WeWork Global a 27% stake, has earmarked these funds for strategic debt repayment and cost of capital reduction. This initiative marks another step in the company's journey towards becoming debt-free, further solidifying investor confidence.

Karan Virwani, Managing Director & CEO of WeWork India, highlighted the company's commitment to sustainable growth over its eight-year presence in the country. Operating across 63 centers in cities like Mumbai, Bengaluru, and New Delhi, WeWork India continues its expansive trajectory with over 1 lakh desks available, leveraging its substantial recent fundraising.

(With inputs from agencies.)