WeWork’s India And China Sectors Could Be In Trouble
For example, WeWork’s India franchise was in talks for a $100 million in funding from local lender ICICI Bank, but that deal has now fallen apart. WeWork India is now seeking $200 billion from other investors.
WeWork India is not the only subsidiary that could take a hit from We’s IPO failure. WeWork China is also at risk, having raised $1 billion through two rounds.
While the India and China sectors of WeWork have not raised as much money as the We Company, it can be expected that both will be in the top-decile of all funded companies.
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“We now operate in China, Japan and the broader Pacific region through a series of joint ventures, which we refer to as ChinaCo, JapanCo and PacificCo, respectively,” according to the company’s pulled S-1 filing. “Our key investors in ChinaCo are Softbank, Hony Capital and Trustbridge, and we own 59% of the entity. Our joint venture partner in JapanCo is SoftBank, and we hold a 50% interest in the joint venture. Our key investor in PacificCo is SoftBank, and we own 60% of the entity. We also operate in India through a strategic partnership from which we receive a revenue and profit share.”
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