The Indian arm of co-working space giant WeWork is in talks with investors, including Goldman Sachs and Warburg Pincus, to raise up to $200 million in exchange for a stake in the company, which would put the local unit’s valuation near $1 billion, according to media outlets.
Singapore sovereign fund GIC is also an investor showing interest in the deal.
WeWork India currently operates 12,000 desks. The company has 14 locations open or under development in Bangalore, Gurgaon and Mumbai and aims to expand into new market such as Pune, Chennai and Hyderabad by next year. Billionaire Jitu Virwani of Embassy Group has exclusive rights to operate WeWork in India.
The demand for co-working and flexible workspaces has soared in India with international property consultancy firm JLL estimating that more than 13 million would be using it by the year 2020.
