Coworking space startup, WeWork India, is set to receive a new investment worth $100 mn from its parent company, WeWork.
The Indian branch of the startup was founded in 2017 and is based in Bengaluru. The startup last raised funding worth Rs 500 crore last year.
“This financing will support WeWork India’s long-term strategy, focused on exceptional member experience and strong financial performance at the building level,” Chief Executive at WeWork Global, Sandeep Mathrani, said, as reported by Livemint.
New York-based WeWork was founded in 2010 by Adam Neumann and Miguel McKelvey. The company provides startups will work spaces they can rent or lease, among other commercial real estate options. WeWork Global has a presence in 120 cities internationally, so far.
“WeWork is excited to be providing financial assistance to transform the workspace environment in India,” Methrani said, as reported by Livemint. “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 WeWork India has the ability to be our growth vehicle and provide our members an exceptional experience.”
Embassy Group is the backing company for Embassy Buildcon LLP, WeWork’s holding company.
The India branch of the company has 38 locations on a national scale so far, according to WeWork’s website.
(Picture courtesy: QZ.com)
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