WeWork India raises Rs 550 crore from funds managed by BPEA Credit

NEW DELHI: WeWork India, a flexible workspace provider, has raised Rs 550 crore from funds managed by BPEA Credit, a private credit platform. The funds will be used for future growth and potential consolidation opportunities, the company said in a media release.

Avendus Capital was the investment banking partner for the company on this transaction.

The company claimed to have turned profitable this year and locked a revenue of Rs 1,300 crore this year-end. At present, the EBITDA jump is 250% from a loss of Rs 120 crore in CY21 to a profit of Rs 175 crore in CY22, it said in the release.

WeWork India started its operations in India in 2017 with 100,000 sq ft and 2,200 members. Over the last five years, it has progressed 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 via funding from WeWork Global. Its member portfolio comprises 70% of enterprises, while 30% includes startups, freelancers, and SMEs. The company also recently made its first investment in the Bengaluru-based Zoapi, a conferencing and collaboration platform.