The funds will be used to repay debt, support the company in becoming debt-free and lowering the cost of capital.

"Over the past eight years, we have been focused on long-term, sustainable growth. With the recent successful completion of our rights issue, we are on the path to being debt-free. This underscores the trust and confidence our investors/shareholders have in our vision and strategy in India", said Karan Virwani, managing director and chief executive officer at WeWork India.

WeWork India continues to expand its presence across the country. Earlier, last year, the company entered the Chennai market with the launch of 'Olympia Cyberspace' facility, marking its presence in eight major Indian cities.

The company has a portfolio of over 6.5 Mn sq. ft across 44 locations in Delhi NCR, Mumbai, Bengaluru, Pune and Hyderabad.

In June last year, WeWork India roped in Janak Malkani as the head of managed office for the country and sales lead for the West region.

The company competes with other major players in the Indian coworking market, including 91Springboard, Awfis, The Hive, and Mumbai Coworking.

In September 2024 US-based coworking major WeWork Inc's plan to sell the entire 27% stake in its Indian unit and exit the country reportedly collapsed, months after the Competition Commission of India (CCI) approved the proposal.

The coworking space in India has seen a host of developments in recent times.

For instance, in November,Coworking startup Innov8was in talks with investors for a primary funding round as it looks to fuel its expansion plans.

Similarly in July, Incuspaze bagged $8 Mn (around INR 67 Cr) in its maiden funding round led by India Inflection Opportunity Fund and other financial institutions

The Indian coworking space market is experiencing significant growth. The market is projected to reach $1.94 Bn in 2024 and grow to $2.72 Bn by 2029, with a CAGR of 7% during the forecast period.