WeWork Global to invest $100 million in India business

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A sign is seen above the entrance to the WeWork corporate headquarters in Manhattan, New York, U.S., November 21, 2019. REUTERS/Mike Segar/File Photo

WeWork will invest $100 million in its Indian business as the office-sharing startup looks to ride out the coronavirus crisis, which has kept people indoors and away from offices.

WeWork’s India franchise in May laid off 100 employees, or 20% of its workforce, joining a slew of firms that are cutting costs in response to the COVID-19 pandemic.

WeWork India said on Friday it plans to use the proceeds, from its first ever fund raise, for “focused growth” in the Indian market over the next 36 months.

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WeWork India is 100% operated by Indian real estate tycoon and billionaire Jitu Virwani’s Embassy Group.

The investment comes after WeWork India saw talks https://in.reuters.com/article/us-wework-india-funding/wework-india-seeks-new-backers-after-talks-with-local-bank-collapse-idINKBN1WP17C to raise $100 million from Indian lender ICICI Bank break down last year, following the We Company’s botched initial public offering.

WeWork India was also in early talks last year to raise $200 million in funding from new investors, but they did not pan out.

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