Co-working space providing firm WeWork India has announced that it has secured a sum of 550 Cr which is equal to 55 billion US dollars, from the funds controlled by the Asia’s leading private equity firm Baring Private Equity Asia on Monday, 26th December 2022.
The company reported in its press release statement that the sum of 550 Cr generated from the BPEA equity firm will be utilised to boost the performance in the upcoming year 2023 and expand the branches of the firm into more geographical areas.
With respect to the fund raised from Baring Private Equity Asia, the Chief Executive Officer of WeWork India Mr Karan Virwani stated in his statement that flexibility is the supreme factor of any workforce nowadays and Baring Private Equity Asia (BPEA) stands as the testimony for the enormous growth opportunity of the workspaces in the country.
Mr Karan Virwani also mentioned in his statement that the co-working space providing company facilitate needle like focus on powering he developmental opportunities and also to reinforce their place as one highest co-working space providing company to provide customised and creative solutions for all type of businesses.
Mumbai-based financial service providing company Avendus Capital Private Limited was WeWork India’s investment banking partner over this transaction.
About the Company WeWork
The workspace company WeWork was established in the year 2008 by the co-founders Adam Neumann and Miguel McKelvey with its headquarters based in New York City of United States of America. The firm provides physical and virtual shared workspaces with creative and customisation as per the client companies.
In India the Co-working space providing company began its working in the year 2017 and since then, the firm has spread out its franchises in 41 different places including Bengaluru, Hyderabad, Mumbai, Gurugram, Delhi NCR and Pune. The Company has about 70,000 desks laid out on an area of 6 million square feet amongst these 41 sites.
The company reported that the revenue generated in the year 2021 accounts to 2.57 billion US dollars. Besides India, the New York based company has spread it roots in 38 other countries across the globe in 756 different locations.
Photo Credit-The Times of India
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