Gurugram-based co-working space GoWork has raised ₹370 crores debt funding from BlackRock’s Private Credit team. CLSA Capital Partner’s Special Situations Group also participated in the funding round.
The coworking space will use the funds to scale its business and provide value-added services. The startup plans to open 50 centers across major cities in India by 2025.
GoWork’s CEO Sudeep Singh said, “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.”
GoWork currently offers 8 lakh sq ft of coworking space with a capacity of 12,000 seats at two locations in Gurugram. Some of its major clients include CoverFox, Impactify Consulting, and Paytm Mall. The coworking space is now targeting startups with its sessions to support fundraising, investor networking, and several other startup-related events.
GoWork’s funding can be a sign of growing coworking culture in India. With this latest deal, the coworking space will compete with SoftBank-backed WeWork, OYO-owned Innov8, and Sequoia-backed Awfis. Moreover, OYO recently announced its foray into coworking segment with the launch of OYO Workspaces which will further intensify the competition in this sector in India.
OYO is set to launch three coworking brands including Workflo and PowerStation for the budget category and Innov8 will be a part of its premium category. According to The State of the Startup Ecosystem Report by Inc42, India has more than 300 coworking spaces with around 720 centers across major cities that covers a whopping 150 million sq ft in area.