WeWork India may raise Rs 1,400 crore

BENGALURU: We-Work India, a fully-owned subsidiary of Embassy Group, plans to raise $200 million (about Rs 1,421 crore) to fund its growth and more than double the number of desks it operates to 100,000 by 2020 from 48,000, even as the company battles falling valuation and investor faith in its global business.

Since the launch of the American shared workspaces provider in India, the Bengaluru-based Embassy Group has invested Rs 1,500 crore in the WeWork affiliate. It operates desks across the top six markets in the country, including Bengaluru and Mumbai.

“WeWork India has grown faster than any other global locations. We are in talks with global and domestic investors to raise money, mostly as structured debt,” said Jitu Virwani, chairman, Embassy Group.