India’s GoWork Raises $53M In Debt Financing To Expand Its Co-working Spaces Business

 

Sudeep Singh, CEO of GoWork, said the startup will use the fresh capital, which will flow for the next two years, to build its footprints in the country. GoWork plans to establish 50 centers spanning numerous major Indian cities by 2025, up from two it runs at present in Gurgaon. In the immediate quarters, it plans to increase its accommodation capacity to 25,000 people, up from 12,000 currently. GoWork counts corporates such as Paytm Mall, CoverFox, and Impactify Consulting among its clients.

 

Alongside fast Wi-Fi, shuttle service, parking facility, cafe, and food court services it currently offers, the startup plans to include additional add-ons such as pet care facility and brewery in the coming months. In a statement, Neeraj Seth, BlackRock’s Head of Asian Credit, said, “GoWork is taking the brick and mortar aspect of the co-working concept further, as well as consistent measures to enable young businesses to reach their highest potential. We look forward to GoWork offering optimal operational efficiency for all start-ups as well as corporates.”

 

India’s co-working space, still a quite new business category locally, is worth 0 million — a fraction of the billion office and commercial real estate business. GoWork competes with a number of firms including hotel lodging startup Oyo, which last month entered the co-working spaces business with the launch of Oyo Workspaces. For the expansion, it acquired local player Innov8 for a sum of about million to immediately establish presence in 10 cities in India with more than 20 centers. 91Springboard, Awfis, GoHive, and the global giant WeWork are also competing for a slice of the 0 million market.

 

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