WeWork India Raises Rs 500 Cr Via Rights Issue

New Delhi: Coworking major WeWork India on Monday said it has raised Rs500 crore through rights issue mainly to reduce debt and achieve further growth.In WeWork India, which is unlisted, realty firm Embassy Group holds a 73 per cent stake, while WeWork Global has a 27 per cent shareholding. WeWork Global, which is a leading provider of flexible workspace, had in June 2021 invested $100 million in WeWork India.

In a statement, Bengaluru-based WeWork India said it has “successfully raised Rs500 crore via a rights issue.” Embassy Group and WeWork Global have invested Rs500 crore. The funds will be utilised for the repayment of the debt, strengthening the company’s pathway to being debt-free, and reducing the cost of capital, it added.

Commenting on the fundraise, Karan Virwani, Managing Director & CEO of WeWork India, said, “Over the past eight years, we have been focused on long-term, sustainable growth.”