GoWork, a Gurugram-based co-working space, on Tuesday said it has raised $53 million in debt from US-based investment management firm BlackRock with co-investment by CLSA Capital Partners.
The deal marks Blackrock’s first private market transaction in India, as well as its first bet on an Indian startup.
GoWork currently occupies over eight lakh square feet with a capacity of 12,000 seats across its two offices in Gurgaon. Its clients include companies such as Paytm Mall and insurance startup Coverfox. The co-working space plans to have 50 centers across major cities of India by 2025, it said in a statement.
GoWork CEO Sudeep Singh said “BlackRock is one of most coveted investment management firms in the world, while CLSA Capital Partners is one of Asia’s leading alternative investment platforms – both adding credibility to our brand. With their support, GoWork can further propel our growth across the length and breadth of all emerging markets in India. At GoWork, we aim to create a support system that caters to not just the physical/infrastructural requirements of companies but one that encompasses all aspects of the business. This funding is one step forward towards achieving that goal.”
CoWrks and Awfis are some of the other big co-working spaces in the country, besides US-based WeWork, which has been ramping up presence in India.
Source: Mint