Flexible workspace provider WeWork India raised Rs 500 Cr via rights issue
Through a rights issue, WeWork India, an Indian provider of flexible workspaces, has raised Rs 500 crore, or roughly $57.8 million.
The money will be used to lower our cost of capital, strengthen the company’s path to debt-free status, and repay debt.
With more than one lakh desks and operations in eight cities, WeWork India currently maintains connections with important stakeholders like members, International Property Consultants (IPCs), and landlords.
With 63 operational centers spread across Chennai, New Delhi, Gurugram, Noida, Mumbai, Bengaluru, Pune, and Hyderabad, WeWork India has grown since its founding in India in 2016.
According to WeWork India’s consolidated financial statements submitted to the Registrar of Companies, the company’s operating revenue increased 26.7% to Rs 1,665 crore in the fiscal year that ended in March 2024 from Rs 1,315 crore in the prior fiscal year.
The once-famous co-working space provider WeWork encountered serious difficulties in 2023 and 2024. The business declared Chapter 11 bankruptcy in the United States in November 2023, but it was able to come out of bankruptcy a few months later.
WeWork India is now considering an IPO with a $2–2.5 billion valuation goal in spite of these obstacles. While Smartworks obtained SEBI approval for its initial public offering (IPO), Awfis became the first Indian co-working startup to list on the stock exchange.
