WeWork India, a flexible workspace provider, has secured Rs. 500 crore (approximately $57.8 million) through a rights issue. The funds will be used to repay debt, move toward becoming debt-free, and lower the cost of capital.

Operating across eight cities, WeWork India manages over 1 lakh desks and maintains strong relationships with key stakeholders, including landlords, International Property Consultants (IPCs), and members. Since launching in India in 2016, it has grown to 63 operational centers in cities such as Chennai, New Delhi, Gurugram, Noida, Mumbai, Bengaluru, Pune, and Hyderabad.

WeWork’s global business faced significant setbacks in 2023 and 2024, including filing for Chapter 11 bankruptcy in the United States in November 2023. However, it successfully emerged from bankruptcy a few months later.

For the fiscal year ending March 2024, WeWork India reported a 26.7% increase in revenue from operations, reaching Rs. 1,665 crore compared to Rs. 1,315 crore in the previous year, according to its consolidated financial filings with the Registrar of Companies.

WeWork India is now pursuing an IPO, targeting a valuation between $2 billion and $2.5 billion. In India’s co-working sector, Awfis became the first to list on the stock exchange, while Smartworks received SEBI approval for its IPO. Other companies like Simpliwork, Table Space, DevX, and Indiqube are also planning public offerings.

Karan Virwani, MD & CEO of WeWork India, highlighted the company’s focus on sustainable, long-term growth, stating that the rights issue marks a significant step toward becoming debt-free, reflecting investor confidence in its vision and strategy.