Co-working major WeWork India announced on Monday that it has raised ₹500 crore through a rights issue of securities. The funding comes from its shareholders, WeWork’s global parent and the Embassy Group.
The funds will be used to repay existing debt, reduce the cost of capital, and help the company achieve a debt-free status, the company stated.
Karan Virwani, managing director & CEO, WeWork India, said, “Over the past eight years, we have been focused on long-term, sustainable growth. With the recent successful completion of our rights issue, we are on the path to being debt-free.”
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He added that the capital infusion would strengthen the company’s balance sheet and enable it to drive future growth.
WeWork India is currently operational across 8 cities, with over 1 lakh desks, with strong relationships across key stakeholders such as landlords, International Property Consultants (IPCs), and members.
WeWork India currently operates in eight cities, managing over 100,000 desks. The company has established strong relationships with key stakeholders, including landlords, International Property Consultants (IPCs), and members.
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