WeWork India to raise 1,400 crore by December

New Delhi: Co-working major WeWork India, owned by realty firm Embassy Group, will raise $200 million (around Rs 1,400 crore) by December to expand business and expects to be profitable at the entity level in one year, a top company official said.

Asserting that there would be no impact on the Indian operation due to deferment of public issue of US-based WeWork, India business head Karan Virwani said the company has already invested Rs 1,300 crore, including Rs 1,000 crore as equity, in this business and will continue to infuse more for growth. "There is lot of speculation about WeWork India business. We still believe in WeWork brand. India business is really growing well. Embassy Group is bullish about the co-working sector and we continue to expand," Virwani added.

WeWork India has 26 operational coworking centres with 46,000 seating capacity. It has nine centres in Bengaluru, 10 in Mumbai, 6 in Gurugram and one in Pune. "We are targeting to reach 1 lakh desks/seats by end of the next year. In order to fund this expansion plan, we plan to raise $200 million by end of this year from foreign and domestic investors," he said. WeWork India will soon enter Noida and Hyderabad markets.