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WeWork's India arm to target up to US$200M from Goldman Sachs, Warburg Pincus

Co-working giant WeWork Cos.'s Indian unit is reportedly in talks to raise up to US$200 million from investors including Goldman Sachs Group Inc. and Warburg Pincus & Co., which could lift WeWork India's valuation to up to US$1 billion.

Singaporean sovereign wealth fund GIC Pte. Ltd. is also said to have shown interest in investing in WeWork India, but talks between the two are still in the early stages, according to a May 31 report by The Times of India.

Privately held Indian real estate giant Embassy Group owns the exclusive rights to operate New York-based WeWork's India arm. The developer is working with JM Financial Ltd to raise funds for WeWork India within a valuation range of US$700 million to US$1 billion, the report added, citing sources with direct knowledge of the matter.

WeWork ventured into India in 2016 through a partnership with Bangalore-based Embassy Group, which is owned by billionaire Jitu Virwani.

With Embassy Group, the shared office space provider is expanding quickly in India. After opening its first co-working center in Bangalore in July 2017, WeWork India operates 12,000 desks in the country, with plans to more than double the number by the end of 2018, The Times of India reported.