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WeWork India has successfully raised ₹500 crore (approximately US$57.7 million) through a rights issue, bolstering its financial position as the company continues to expand its footprint in the country.
The fresh capital will primarily be used to repay outstanding debt and reduce capital costs, a strategic move aimed at strengthening the company’s balance sheet, according to Tech In Asia.
This funding comes just two months after significant leadership changes at the company, which saw new appointments to its board of directors.
These changes reflect WeWork India’s renewed focus on long-term growth and financial stability as it faces the competitive coworking market in India.
WeWork India operates over 600,000 square meters of coworking space across 44 locations, with a notable presence in major cities such as Delhi, Mumbai, Bengaluru, Pune, and Hyderabad.
In 2023, the company marked a significant milestone by expanding into Chennai with the launch of its “Olympia Cyberspace” facility. This expansion increased WeWork India’s footprint to eight key cities, further solidifying its position in India’s exponentially growing flexible workspace sector.
