WeWork India, Is Looking To Raise $300 Million To Expand Operations In India

WeWork India, a division of the US-listed entity WeWork, is reportedly looking to raise $300 million to expand operations in India as companies and employees return to work and seek office space.

According to a news agency,  WeWork India is in discussions with Cerberus Capital, KKR & Co., and other private equity funds to raise the funds, with the hope of closing the round by the end of the year. "There is a greater demand for high-quality work environments." People have begun to return to offices, which is creating more opportunities for established players such as WeWork," a source told.

WeWork India currently operates in five major cities: Delhi-NCR, Mumbai,  Bengaluru, Hyderabad, and Pune. It operates 40 co-working spaces with over 64,000 desks spread across over 5 million square feet of office space. It is already planning to add another 25,000 desks by the end of the year.

WeWork entered India in 2017 through a partnership with the Embassy Group. Currently, the Embassy Group retains 100 percent ownership of WeWork India, which operates as an independent entity with the authority to carry out Waco's operations in the country.

The new funds will be used to expand operations in new locations and to construct technology hubs throughout the country. Last year,  WeWork Global invested $100 million in WeWork India, demonstrating their continued confidence in the local unit's plans.