WeWork India, an offshoot of US-based co-working space operator WeWork, has received Rs 1bn ($15.7m) in funding from property developer Embassy Group, VCCircle has reported.
The spinoff was launched in 2017 and operates eight co-working hubs across the Indian cities of Bangalore, Delhi NCR and Mumbai, according to VCCircle. The funding will support the opening of additional spaces in the three cities.
WeWork did not invest in WeWork India, instead taking a profit share and fee for providing designs, technology and training, according to Forbes. Embassy provided half the funding through a limited liability partnership called Embassy Buildcon, according to VCCircle.
The global WeWork network encompasses spaces in 190 buildings across 50 cities, with each space including meeting rooms, refreshments and recreational amenities.
The company has already formed dedicated spinoffs focused on China, Japan and Asia Pacific, which were jointly funded to the tune of $1.4bn as part of a $4.4bn investment by telecommunications and internet group SoftBank in WeWork in August 2017.