WeWork India secures ₹500 cr to become debt-free ahead of its IPO debut

Ahead of its planned IPO debut, WeWork India, the flexible workspace provider, has raised ₹500 crore through a rights issue. The company will use these funds mainly to settle its debt, it said.

“The rights issue will strengthen the company’s pathway to being debt-free and reducing our cost of capital,” added the company.

Commenting on the development, Karan Virwani, Managing Director and CEO, WeWork India, said, “Over the past eight years, we have focused on long-term, sustainable growth. With the successful completion of this rights issue, we are on track to becoming debt-free. This capital infusion will also help strengthen our balance sheet through debt repayment.”

WeWork India recently expanded its portfolio by adding 1.75 lakh square feet across Bengaluru and Pune. In June, it entered Chennai with a 2,000-seat facility. The company is currently operational in eight cities, and manages over 1 lakh desks.