Flexible workspace provider WeWork India raises Rs 550 cr from BPEA Credit

Flexible workspace provider WeWork India on Monday said it has raised Rs 550 crore from funds managed by BPEA Credit, one of the largest private credit platforms in the country.

The company said it will use fresh funds for future growth and potential consolidation opportunities.

WeWork India turned profitable this year with a revenue of Rs 1,300 crore at the end of 2022.

"We are laser-focused on fuelling growth opportunities and fortifying our position as the leading flexible workspace brand with customisable and innovative solutions for all businesses," said Karan Virwani, CEO, WeWork India.

The company currently has 62,000 members in its network in India, and over 6 million square feet across 41 locations and six cities -- Bengaluru, Mumbai, Gurugram, Noida, Hyderabad and Pune.

WeWork India's member portfolio has 70 per cent of enterprises such as 3M, Khaitan & CO, Honeywell, Dyson and KIA, while 30 per cent includes startups, freelancers and SMEs.

In 2020, WeWork India raised Rs 750 crore via funding from WeWork Global.

The company in October made its first investment in the Bengaluru-based conferencing and collaboration platform Zoapi.

The enterprise software-as-a-service (SaaS) solution provider combines four basic needs of a meeting room -- wireless screen sharing, video conferencing, online calendar, and room scheduler.

WeWork India said that at present, its EBITDA jump is 250 per cent from a loss of Rs 120 crore in CY21 to a profit of Rs 175 crore in CY22.

--IANS

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