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WeWork India in talks to raise $200M

WeWork Cos. Inc.'s Indian arm WeWork India is in early discussions to raise $200 million from new investors, Reuters reported, citing the division's chief shareholder Jitu Virwani.

This follows the collapse of talks to raise $100 million from existing backer ICICI Bank as The We Co. postponed its IPO.

WeWork India was founded and is operated by Virwani's Embassy Group, which in turn is backed by private equity giant Blackstone Group Inc.

Virwani has been in talks to sell the bulk of the operation to the brand's global parent, The We Co., the report said, but these talks have been put on hold indefinitely. Embassy is raising around 40 billion rupees from sales of some of its assets, and it will invest the proceeds in WeWork India if necessary, it added, citing Virwani.

WeWork India plans to double its current capacity of 45,000 seats in six Indian cities by the end of 2020, the report said.

As of Oct. 9, US$1 was equivalent to 71.10 Indian rupees.