HomeEconomy NewsWeWork in talks to raise $200 million, says report

WeWork in talks to raise $200 million, says report

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By CNBC-TV18 May 31, 2018, 9:41:46 AM IST (Updated)

WeWork in talks to raise $200 million, says report
The Indian arm of the New York-headquartered WeWork is in talks with firms including Goldman Sachs and Warburg Pincus to raise up to $200 million, reported The Times of India

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With this, the valuation of the company that provides shared work spaces will reach the $1 billion mark, enabling it to attain the unicorn tag, reported the daily quoting sources.

The Indian arm, controlled by Jitu Virwani of Embassy Group has made rapid strides in the last two years and is planning to double its capacity by the end of the year, the report said.

GIC of Singapore has also shown interest in making a deal and is still in the early stages, the report added.

"Embassy has mandated JM Financial on the potential fund-raising at an enterprise valuation in the range of $700 million to $1 billion for WeWork India," sources was  quoted as saying in the report.

The developments comes after the firm raised more than $4 billion from SoftBank, the report said.

The interest by various investors towards the firm also highlights the rising demand for shared workspace in the country.
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