Co-working space GoWork raises $53 million from BlackRock, CLSA Capital Partners
Gurgaon-based GoWork has raised $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.
Start-up GoWork to pump in $1 bn to open 50 shared officesGurgaon-based GoWork has raised $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. This is the first onshore private financing transaction in India by BlackRock, a global investment management firm headquartered in New York. GoWork will use the money to further scale up the business and provide value-added services to its clients.
The startup is currently sprawled over 8 lakh square feet with a capacity of 12,000 seats in Gurgaon. It offers a dedicated work environment and also acts as a platform for businesses to grow. Along with providing fully-managed offices to startups as well as established companies like Paytm Mall, Impactify Consulting, CoverFox, etc, GoWork also enables networking sessions for its clients to facilitate business development and partnerships. The co-working space plans to have 50 centers across major cities of India by 2025, it said.
GoWork CEO & chief evangelist Sudeep Singh said, “BlackRock is one of most coveted investment management firms in the world, while CLSA Capital Partners is one of Asia’s leading alternative investment platforms – both adding credibility to our brand. With their support, GoWork can further propel our growth across the length and breadth of all emerging markets in India."
Neeraj Seth, BlackRock’s head of Asian Credit, commented, “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.”
Vaibhav Totla, managing director of the Special Situations Group in CLSA Capital Partners, said, “CLSA Capital Partners sees great potential in the co-working and managed office space in India and we believe GoWork is an innovative leader in this fast-growing sector. CLSA Capital Partners’ Special Situations Group is excited about this new investment partnership and remains focussed on sourcing additional corporate credit opportunities in India and other parts of Asia.”
