CoWrks, a co-working space, decides to raise $350 million for business expansion, said Abhishek Goenka, CEO of CoWrks. The company will be utilizing amassed funds to enhance its desk counts throughout the cities wherein it has a presence or is planning to enter, as reported by the Indian daily news, The Economic Times.
As the per the companys plans, the desk count will be surging from 25000 to 65000 by the end of 2019.
This will be the first big round of fundraising for the company. We are in talks with domestic and institutional investors. There could be more than one investor, too, Goenka said.
CoWorks has planned its foray in big cities namely, Jaipur, Chandigarh, Ahmedabad and Indore. More so, the company will be introducing small-format facilities and aiming to get a base of 1, 20, 000 members by the cessation of 2019.
We have good occupancy and profitable at the centre level. We will continue to grow, said Goenka.
Currently, the co-working space, CoWrks is operating in the Indian cities such as Delhi-NCR, Hyderabad, Bengaluru, Chennai and Mumbai. As startups are soaring in India, a huge demand has emerged for co-working spaces and consequently growing business for co-working spaces firms such as CoWrks, WeWork and Smartworks.