BPEA Credit has sealed a Rs 550 crore ($66.4 million) structured finance transaction to back WeWork India, a flexible workspace provider.
BPEA Credit was spun out of alternative investment firm Baring PE Asia (BPEA), which recently completed the sale of its private equity practice to European buyout major EQT.
The financing comes in view of WeWork India’s bullish outlook towards expansion and its robust performance in FY23.
WeWork India began operations in India in 2017 with 100,000 square feet of space and 2,200 clients. Over the last five years, it has grown to more than 62,000 customers and over 6 million square feet across 41 locations and six cities—Bengaluru, Mumbai, Gurugram, Noida, Hyderabad and Pune.
WeWork India’s client portfolio comprises 70% of enterprises such as 3M, Khaitan & Co, Honeywell, Dyson and KIA, while startups, freelancers, and SMEs make up for the…
