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One of the real estate behemoth group Embassy group has fused in $15.6 Mn in its coworking space JV WeWork India. With the proposed dilution Embassy group will have $10 million of convertible debentures with a face value of $1.6 (INR 100 each)
“Embassy Group, a leading development firm in real estate commenced its operations in 1993 led by Jitu Virwani, Chairman and Managing Director of the group. The establishment has developed 40 Million Sq. Ft. of Commercial, Residential, Retail, Hospitality and Industrial Warehouse spaces and holds an extensive land bank of 1,000 acres across the country. The operation spans across Indian and international markets that include Bangalore, Chennai, Pune, Coimbatore, Serbia in Eastern Europe and Malaysia. “ We Work has formed JV with Embassy group which has a strong foothold in the real estate and is expected to help We Work to expand.
We Work Development in India so far
On the other hand “WeWork has been one of the fastest growing Co-Space Startup globally which has acclaimed a huge share against any of its competition and also build community to cross-leverage skills, resources and talents through its app. The company is eyeing India since its launch as India stands tall after America as the Startup ground, and it seems to be the biggest bate for WeWork. In India the company is competing against some of the leading Startups like Awfis and Innov8.”
WeWork had entered India with a bang! Already opened a 2200 seater space in Bengaluru as well as another 1.9 lakh Sq. ft CoWorking Space in Mumbai. The company is looking forward to encapsulate other Startup hubs like Delhi NCR, Pune and emerging cities like Indore and Lucknow in India.