Real estate giant Embassy Group has recently invested another $15.6 million in its co-working space JV WeWork India. According to the latest MCA filing by WeWork India, $10 million compulsorily convertible Series B debentures with a face value of $1.6 (INR 100) each, will be allotted to Embassy Group.
WeWork India is a joint venture of New York-based co-working space WeWork and Embassy Group. Since the company is proposing to allot Series B debentures, there will be no change in equity capital control. With this, WeWork India aims to expand and strengthen its presence in Tier I cities like Mumbai, Delhi and Bengaluru.
Founded in 2010, WeWork has offices in approximately 190 locations worldwide. The company's goal is to create a world where people work to create a lifestyle, not just a living. Globally, the company has been adding 10 to 15 locations per month.
Back in August of 2017, WeWork raised $4.4 Bn investment from SoftBank.
Speaking about Embassy's association with WeWork India, Karan Virwani said in a recent interview wtih Inc42, that the company's initial plan was to lease the building to WeWork and have them do all the heavy lifting. "But as I researched the shared office space industry, I realised this was the obvious next step for Embassy as well."
The space is aimed at startups, freelancers, and large corporates across different sectors that want to make use of the flexible offerings.
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