WeWork India in discussion with investors to raise $200 million

Plans to double current capacity of 45,000 seats in six Indian cities by the end of next year

WeWork’s India franchise has seen talks with existing backer ICICI Bank on $100 million in new funding break down since The We Company’s botched stock market launch and is in discussions on raising $200 million from other investors, the venture’s chief shareholder Jitu Virwani said on Thursday.

Real estate mogul Virwani’s Embassy Group, backed by US private equity fund Blackstone Group, set up WeWork India two years ago and had been in talks to sell the bulk of the operation to the brand’s global parent The We Company.

Virwani said those discussions had been put on hold indefinitely and that Embassy was