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WeWork Global to put in $100 Million in India businesses

Jul 10, 2020 15:38 IST

WeWork will invest $100 million in its Indian business as the office-sharing startup looks to ride out the coronavirus crisis, which has kept people indoors and away from offices. WeWork's India franchise in May laid off 100 employees, or 20% of its workforce, joining a slew of firms that are cutting costs in response to the COVID-19 pandemic. WeWork India said it plans to use the proceeds, from its first ever fund raise, for "focused growth" in the Indian market over the next 36 months. WeWork India is operated by Indian real estate tycoon and billionaire Jitu Virwani's Embassy Group.