New Delhi, Jan 13 (PTI) Coworking major WeWork India on Monday said it has raised Rs 500 crore through rights issue mainly to reduce debt and achieve further growth.

In WeWork India, which is unlisted, realty firm Embassy Group holds a 73 per cent stake, while WeWork Global has a 27 per cent shareholding.

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WeWork Global, which is a leading provider of flexible workspace, had in June 2021 invested USD 100 million in WeWork India.

In a statement, Bengaluru-based WeWork India said it has "successfully raised Rs 500 crore via a rights issue."

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Embassy Group and WeWork Global have invested Rs 500 crore.

The funds will be utilised for the repayment of the debt, strengthening the company's pathway to being debt-free, and reducing the cost of capital, it added.

Commenting on the fundraise, Karan Virwani, Managing Director & CEO of WeWork India, said, "Over the past eight years, we have been focused on long-term, sustainable growth. With the recent successful completion of our rights issue, we are on the path to being debt-free. This underscores the trust and confidence our investors/shareholders have in our vision and strategy in India."

With this capital infusion, he said the company aims to strengthen its balance sheet by repaying existing debt and driving growth.

WeWork India is currently operational across 8 cities, with over 1 lakh desks.

Since its inception in India in 2016, WeWork India has expanded across 63 operational centres in Chennai, New Delhi, Gurugram, Noida, Mumbai, Bengaluru, Pune, and Hyderabad.

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