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Apr, 01 2019

Cowrks plans to $350 million to fund domestic & foreign expansion

The Bengaluru-based company has 23 centres across Bengaluru, Mumbai, Hyderabad, Chennai, Delhi and Gurugram.

CoWrks, the shared office space provider, will raise $350 million equity to fund domestic and foreign expansion.

CoWrks, backed by property developer RMZ Corp, has hired Morgan Stanley and Bank of America Merrill Lynch for the fundraise.

The Bengaluru-based company has 23 centres across Bengaluru, Mumbai, Hyderabad, Chennai, Delhi and Gurugram. It is further looking to expand into tier-II cities such as Pune, Ahmedabad, Chandigarh, Indore and Jaipur, besides overseas locations.

Abhishek Goenka, CEO of CoWrks, said, "The company has had a successful run so far and is a well-established brand. The fundraising is for the next level of growth and expansion. We are targeting both domestic and offshore investors, and it could even be a clutch of investors and not just a single one."

Sidharth Menda, Founder and Vice-Chairman, stated, "We plan to be a platform company encompassing the larger spectrum of workspace solutions for all business needs."

CoWrks is also eyeing to more than double its centres by the end of this year.

"We have a huge pipeline. We have 23 centres right now and there are another 30 centres that we have already started talking about. By the end of the year, our target is to have about 70-75 centres. A lot of this demand is driven by large enterprises," Menda added.

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