WeWork India raises Rs 550 crore from BPEA Credit for expansion plans

WeWork India has raised Rs 550 crore from private credit platform Baring Private Equity Asia (BPEA) Credit. This development comes during a time when the flexible workspace provider has stressed on its expansion plans in India. The firm’s investment banking arm Avendus Capital was its exclusive financial advisor on the BPEA transaction. Prateek Jhawar, head, infrastructure and real assets investment banking, Avendus Capital, stated that this is one of the largest transactions in this sector. He added that the company is confident that it will open up many such opportunities of investment. Starting its operations in 2017, WeWork saw its first-ever profitable quarter earlier this year. According to WeWork, it has grown to over 6 million sq ft with above 62,000 members in the last five years from 0.1 million sq ft and 2,200 members. In India, the firm has presence in 41 locations across six cities, namely Noida, Gurugram, Mumbai, Bengaluru, Pune, and Hyderabad. The company has stated that it will turn profitable after it locks a revenue of Rs 1,300 crore this year end. The corporation’s earnings before interest, taxes, depreciation and amortisation (Ebitda) stood at a profit of Rs 175 crore CY2022, a 250 percent increase from a loss of Rs 120 crore reported in CY21. Karan Virwani, CEO of WeWork India, said, “We are laser-focused on fuelling growth opportunities and fortifying our position as the leading flexible workspace brand with customisable and innovative solutions for all businesses.” During the fast spread of COVID-19 infections in 2020, WeWork India had raised Rs 750 crore from WeWork Global for stabilising the business from pandemic-induced shocks. The company’s portfolio contains 70 percent of enterprises like Honeywell and Khaitan & CO, while the freelancers, start-ups, and Small and medium-sized enterprises (SMEs) account for the rest. On the other hand, BPEA Credit focuses on offering flexible growth capital to the vast mid-market sector across Asia, according to its website. It has offices in Singapore, Delhi, and Mumbai. According to the credit company, it has experience across both Asian and international credit markets. BPEA Credit says that it has a strong local presence as well as deep relationships in diversified corporate sectors and financial markets in Asia. Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.