GoWork, a Gurugram-based, co-working space provider, has secured $53 million (approx ₹373 crore) in a debt round to scale its business in the country as competition in the market. The funding was done by BlackRock’s Private Credit Team and CLSA Capital Partners’ Special Situations Group.
The startup will use the infuse funds to expand its accommodation capacity to 25,000 people, up from 12,000 currently.
Sudeep Singh, CEO of GoWork, said that the startup will use the fresh capital, which will flow for the next two years, to expand its footprints in the country. GoWork plans to establish 50 centers across several major Indian cities by 2025, up from two it currently runs in Gurgaon.
GoWork, a coworking space provider startup, was founded by Nimit Mahajan, Sanjeev Mahajan and Sudeep Singh in 2017. GoWork is among the largest co-working ecosystem in the world that aims to craft a collaborative work space globally to help entrepreneurs, investors, accelerators, among others.
GoWork currently has two working spaces in Gurugram, both in Udyog Vihar Phase 2, with a combined capacity of 12,000 seats spread across 8 lakh square feet. It provides a comprehensive working environment with all the necessary amenities for its customers.
The startup also plans to include additional add-ons such as pet care facility and brewery in the coming months.
“GoWork is taking the brick and mortar aspect of the co-working concept further, as well as consistent measures to enable young businesses to reach their highest potential. We look forward to GoWork offering optimal operational efficiency for all start-ups as well as corporates,” Neeraj Seth, BlackRock’s head of Asian Credit, said.
Shah further added that India’s co-working space, still a relatively new business category locally, is worth $390 million, a fraction of the $30 billion office and commercial real estate business.