WeWork India bags Rs 550 cr funding from BPEA Credit for future acquisitions

WeWork on the global front may have been downgraded because of concerns about it defaulting, after an implosion in 2019, but its Indian arm is still able to attract investors. The firm has raised Rs 550 crore from BPEA Credit to finance its future acquisitions as flexible workspaces are in demand across the country.

WeWork's foray into India had started through apartnership with Bengaluru-based Embassy Group, and its presence increased to 70,000 desks across 6 million square feet in Bengaluru, Mumbai, Gurugram, Noida, Hyderabad, and Pune.

Before this it had bagged Rs 750 crore from its global parent, which has a 27 per cent stake in WeWork India, and that helped it stay afloat during pandemic.

Enterprises represent 70 per cent of WeWork India's clients, while startups and small businesses as well as freelancers make up the remaining 30 per cent.

WeWork's EBITDA has increased from a loss of Rs 120 crore in 2021 to a profit of Rs 175 crore in the year after it.

Thanks to the fresh infusion, expansion will increase WeWork's portfolio by two million till December 2023. Among investments WeWork India has invested in Bengaluru-based conferencing platform Zoapi.