“Over the past eight years, we have focused on long-term, sustainable growth. With the recent success of our Rights Issue, we are well on our way to becoming debt free. This underlines the trust and confidence of our investors and shareholders in our vision and strategy in India. With this capital infusion we aim to strengthen our balance sheet by paying off existing debt and accelerate growth that will strengthen WeWork India’s position in the industry,” said Karan Virwani, Managing Director and CEO of WeWork India.
WeWork’s India division is targeting an initial public offering (IPO) in 2025 to raise capital. Currently, Embassy holds a 73% stake in WeWork India, while WeWork Inc. owns the remaining 27%. Embassy Buildcon invested ₹1,000 crore in WeWork India between 2017 and 2019 and plans to list the company on local stock exchanges as reported last year.
WeWork India currently operates in 8 cities, with over 1 lakh desks, catering to solopreneurs and start-ups to Fortune 500 companies. Since its launch in India in 2016, WeWork India has expanded to 63 operational centers in Chennai, New Delhi, Gurugram, Noida, Mumbai, Bengaluru, Pune and Hyderabad.
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