WeWork's India franchise has seen talks with existing backer ICICI Bank on ...
) 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 chief shareholder Jitu Virwani said on Thursday.
Virwani said those discussions had been put on hold indefinitely and that Embassy was raising around 40 billion rupees from sales of some its assets that it would invest in WeWork India if need be. Investors have expressed concerns about its burgeoning losses as well as how well a business model that involves taking long-term leases and renting out spaces for the short term will weather a global downturn.
“Yes, it has been a bit of a challenge for us, we had a bit of a setback when we were looking to raise $100 million from ICICI. But we’ve decided to put our own money into the business ,” he added.WeWork announced separately that it would open two new offices for co-working in Singapore and two in Manila, signs of a broadening of its base in Asia after media reports that the company was reining in plans for China.
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