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new Delhi: wework indiaFlexible workspace provider has raised Rs 550 crore from funds managed by it BPEA Credit, a private credit platform. The funds will be used to fund future growth and potential consolidation opportunities, the company said in a media release.
Avendus Capital The investment banking partner for the company was in this transaction.
The company claims to have turned profitable this year and achieved a revenue of Rs 1,300 crore at the end of the year. Currently, the EBITDA jump is 250% from a loss of Rs 120 crore in CY21 to a profit of Rs 175 crore in CY22, the release said.
WeWork India started its India operations in 2017 with 100,000 square feet and 2,200 members. In the last five years, it has grown to 62,000 members and over 6 million sq ft across 41 locations and six cities i.e. Bengaluru, Mumbai, Gurugram, Noida, Hyderabad and Pune.
In 2020, the company raised Rs 750 crore through funding wework global, Its member portfolio comprises 70% enterprises, while 30% comprises startups, freelancers and SMEs. The company recently made its first investment in a Bengaluru-based company ZoapiA conference and collaboration platform.
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