WeWork’s aborted stock market listing was followed by talks between WeWork India and its existing backer ICICI Bank, to raise an additional $100m, breaking down. India franchise has seen talks with existing backer ICICI Bank (ICBK.NS) on $100 million in new funding break down since The We Company’s botched stock market launch and is in discussions on raising $200 million from other investors, the venture’s The company has since been in discussions with a number of potential investors including the Chinese e-commerce giant Alibaba Group Holding Ltd, which is also looking for funding from Indian investors. Negotiations to sell a majority share in the venture to We have been postponed indefinitely and the group is committed to doubling WeWork India ’s capacity to 90,000 desks across six cities by the end of 2020, using its own capital if necessary, Virwani said. The additional $200m WeWork India is seeking to raise could be via an equity investment, debt or a combination of both, although achieving an earlier valuation of $3bn might now be difficult, he added.
WeWork’s aborted stock market listing was followed by talks between WeWork India and its existing backer ICICI Bank, to raise an additional $100m, breaking down. The company has since been in discussions with a number of potential investors including the Chinese e-commerce giant Alibaba Group Holding Ltd, which is also looking for funding from Indian investors. Negotiations to sell a majority share in the venture to We have been postponed indefinitely and the group is committed to doubling WeWork India ’s capacity to 90,000 desks across six cities by the end of 2020, using its own capital if necessary, Virwani said. The additional $200m WeWork India is seeking to raise could be via an equity investment, debt or a combination of both, although achieving an earlier valuation of $3bn might now be difficult, he added.