Coworking operator GoWork on Tuesday said it has raised USD 53 million (around Rs 375 crore) debt funding from US-based BlackRock and CLSA Capital Partner to expand its business.
GoWork will use this funding to further scale the business and provide value-added services to its clients. The company currently has two coworking centres at Gurugram in Haryana, spread over 8 lakh square feet with a capacity of 12,000 seats.
“GoWork has raised USD 53 million from a private fund managed by BlackRock’s Private Credit team, along with CLSA Capital Partners’ Special Situations Group, in a round of debt funding,” the Gurugram-based coworking firm said in a statement.
This is the first onshore private financing transaction in India by global investment management firm BlackRock, it added.
GoWork CEO & Chief Evangelist, Sudeep Singh said, with their (BlackRock and CLSA) support, GoWork can further propel its growth across the length and breadth of all emerging markets in India. It plans to have 50 centres across major cities of India by 2025.
As of June 30, 2019, BlackRock managed about USD 6.84 trillion in assets on behalf of investors worldwide.
CLSA Capital Partners is the alternative asset management business of CLSA, Asia’s leading capital markets and investment group.
In India, coworking segment is growing at a rapid pace, driven by demand for quality office space from startups, small and medium enterprises and large corporates. This segment is already accounting for 15-20 per cent of the total office space leasing across major seven cities.
To recall, just last week an another Delhi/ NCR based co-working startup GoHive had raised ₹ 2.5 crore from investors to expand its operations. It currently has seven co-working centres in the national capital region.