WeWork India raises ₹500 crore via rights issue

WeWork India Management Ltd. (WeWork India), a flexible workspace operator in India, said it had raised ₹500 crore via a rights issue. The funds will be utilised for the repayment of debt, strengthening the company’s pathway to being debt free, and reducing our cost of capital, the company said.

Karan Virwani, Managing Director & CEO, WeWork India, said, “With this capital infusion we aim to strengthen our balance sheet by repaying existing debt and aim to drive growth which will cement WeWork India’s position in the industry.” The company currently has operations in eight cities, with over 1 lakh desks.