Unfazed By Controversy, WeWork India Plans To Raise $200 Mn For Expansion

Unfazed By Controversy, WeWork India Plans To Raise $200 Mn For Expansion

SUMMARY

WeWork is scouting both international and domestic investors for the expansion round

The company plans to expand its coworking capacity to 1 Lakh seats

Global controversies won't affect the Indian entity, WeWork India head said

Even as investors lose their faith in WeWork amid controversies, the SoftBank-backed coworking company’s India business is planning to raise $200 Mn (INR 1,400 Cr) from foreign and domestic investors by December to expand its base. The company is looking to go from 46K seating capacity to 1 Lakh by the end of next year.

In addition, the company wants to expand to new locations like Noida and Hyderabad.  For this, WeWork has already leased out 3 Lakh Sq Ft of office space in Noida. The US-based company will be opening three offices with a seating capacity of 3.9K.  Earlier this week, WeWork was reported to be setting up five new centres in India — three in Bengaluru, two in Hyderabad, and one in Noida.

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