GoWork raises USD 53 mn debt funding from BlackRock, CLSA Capital

Coworking operator GoWork on Tuesday said it has raised USD 53 million (around Rs 375 crore) debt funding from US-based BlackRock and CLSA Capital Partner to expand its business. GoWork currently has two coworking centers at Gurugram in Haryana, spread over 8 lakh square feet with a capacity of 12,000 seats.

"GoWork has raised USD 53 million from a private fund managed by BlackRock's Private Credit team, along with CLSA Capital Partners' Special Situations Group, in a round of debt funding," the Gurugram-based coworking firm said in a statement. This is the first onshore private financing transaction in India by global investment management firm BlackRock, it added.

GoWork will use this funding to further scale the business and provide value-added services to its clients. GoWork CEO & Chief Evangelist, Sudeep Singh said, with their (BlackRock and CLSA) support, GoWork can further propel its growth across the length and breadth of all emerging markets in India.

It plans to have 50 centers across major cities of India by 2025. As of June 30, 2019, BlackRock managed about USD 6.84 trillion in assets on behalf of investors worldwide.

CLSA Capital Partners is the alternative asset management business of CLSA, Asia's leading capital markets and investment group. In India, coworking segment is growing at a rapid pace, driven by demand for quality office space from startups, small and medium enterprises and large corporates. This segment is already accounting for 15-20 percent of the total office space leasing across major seven cities.