GoWork gets Investment of Rs 375 crore from BlackRock and CLSA Capital Partner
It is the first onshore private financing transaction in India by Global Investment Management firm BlackRock . This is the first onshore private financing transaction in India by global investment management firm BlackRock, the Gurugram-based coworking firm said in a statement. Coworking operator GoWork said it has raised USD 53 million (around Rs 375 crore) debt funding from US-based BlackRock and CLSA Capital Partner to expand its business. GoWork currently has two coworking centres at Gurugram in Haryana, spread over 8 lakh sq ft with a capacity of 12,000 seats.
“GoWork has raised USD 53 million from a private fund managed by BlackRock’s Private Credit team, along with CLSA Capital Partners’ Special Situations Group, in a round of debt funding,” the Gurugram-based coworking firm said in a statement. This is the first onshore private financing transaction in India by global investment management firm BlackRock, it added. GoWork will use this funding to further scale the business and provide value-added services to its clients. GoWork CEO & Chief Evangelist, Sudeep Singh said, with their (BlackRock and CLSA) support, GoWork can further propel its growth across the length and breadth of all emerging markets in India. It plans to have 50 centres across major cities of India by 2025. As of June 30, 2019, BlackRock managed about USD 6.84 trillion in assets on behalf of investors worldwide.
Co-working spaces may attract over $1 billion investment during FY20 JLL. The trend is fuelled in part by the sleuth of large enterprises that have started moving into flexible workspace solutions. Co-working spaces is likely to attract over $1 billion in investment during FY 201 9-20, according to JLL India, a consultancy firm. “Huge investments in the sector are enabling shared space providers to scale up faster by utilising these funds. This has also resulted in commercial real estate markets seeing a larger shift – wherein flexible workspaces account for a larger share of absorption,” said Ramesh Nair, CEO & country head, JLL India.
The trend is fuelled in part by the sleuth of large enterprises that have started moving into flexible workspace solutions. According to the report by JLL and FICCI spaces taken-up by co-working firms doubled to 3.9 million sq. ft in 2018 compared with 2017. During the same period, the share of co-working in overall office leasing increased from 5 per cent to 8 per cent.
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