WeWork India seeks to bag 1,000 crore fund from A91 partners & others

By Team Startupcity  |  Tuesday, 23 April 2024, 11:42 IST

WeWork India seeks to bag Rs.1,000 crore fund from A91 partners & others
The prominent player in flexible co-working space sector, WeWork India seeks to raise 1,000 crore in a funding round directed by Enam's Vallabh Bhansali, A91 partners, CaratLane's Mithun Sacheti and others at the valuation event of 3,000-4000 crore. 
Regardless WeWork India grapples to maintain the operations, as an global work space company,  WeWork India accounted the revenue range of 1,400 crore in the financial year 2023, a EBITDA of 250 crore & profit of approximately 60 crore. 
One of the official subjected to this matter says, "The deal is however stuck with the Competition Commission of India (CCI) because such a large fund infusion in a market leader requires regulatory approval”. 
Also he stated that the raised money will be utilize to buyback the stake from WeWork Global, whuch was recently documented for bankruptcy. 
In the stake of WeWork India, The Embassy Group acquires a larger share of 72.5 percent. The outstanding 26.5 percent is acquired by 1 Ariel Way Limited, and UK entity which is the wholly-subsidiary of WeWork Global.
Speaking to this, the CEO of WeWork India, Karan Virwani says, “The global team needs continuous funding to grow their business. Ours is different, we are making money and do not need external capital. The global team looked at our model and how successful it was, then made it the benchmark for them to execute everywhere else in the world”.

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