BENGALURU (Reuters) – WeWork will invest $ 100 million in its Indian business as the office-sharing startup rides the coronovirus crisis that has kept people indoors and away from offices.
In May, WeWork’s India franchise hired 100 employees or 20% of its workforce joining a group of cost-cutting firms in response to the COVID-19 epidemic.
WeWork India said on Friday that it plans to use the proceeds from its first fund fund, for “focused development” in the Indian market over the next 36 months.
WeWork India is 100% operated by the Indian real estate tycoon and embassy group of billionaire Jeetu Virwani.
WeWork India saw the investment last year after talks with Indian lender ICICI Bank (ICBK.NS) to raise $ 100 million, following the initial public offering of Wee Company.
WeWork India was also in early talks last year to raise $ 200 million in funding from new investors, but they did not panic.