ICICI Bank, a backer of WeWork India, has reportedly ceased talks to fund the coworking firm with $100 million in new funding.
Now, the franchise is in talks to raise $200 million from other investors according to the venture’s chief shareholder Jitu Virwani.
Virwani’s Embassy Group set up WeWork India two years ago and was in talks to sell the majority of the operation to The We Company, but that those talks have been put on hold.
Virwani said that Embassy was raising around 40 billion rupees from sales of its assets that it would invest back into WeWork India.
“Even if we have to put all that money … to grow WeWork India, we will continue,” said Virwani.
WeWork failed to go public in the U.S. after investors expressed grave concerns over the company’s financial losses and business model.
Virwani said that WeWork India plans to double its current capacity of 45,000 by the end of 2020 and that the business is here to stay regardless of Adam Neumann stepping down as CEO.