WeWork India, a franchisee of the New York headquarters co-working space provider, will secure $100 million from its global partner to support its growth plans.
The Indian company operation is operated and owned and run by the real estate firm Embassy Group.
The investment is half of the $200 million figure suggested by media reports in the month of October 2019. The Indian franchise was initially in talks with the ICICI to secure $100 million a deal that hit a roadblock as WeWork proposed IPO broke down over the concerns overvaluation, pushed by its largest investor, SoftBank.
“The flexible workspace industry in India and around the world is facing its biggest challenge yet. In that, we see a new opportunity that suits our members’ evolving needs,” Karan Virwani, CEO of WeWork India, said.
“WeWork India’s financial performance has shown consistent growth, and with the fundamentals in place at a building level backed by the expertise of the Embassy Group, we believe the WeWork India business has the ability to be our growth vehicle and provide our members an exceptional experience,” Sandeep Mathrani, CEO of WeWork said.