GoWork Raises $53 Million Debt Funding From BlackRock, CLSA Capital
GoWork plans to use the funding to further scale the business and provide value-added services to its clients.
GoWork has raised $53 million in debt funding from U.S.-based investment manager BlackRock Inc. and alternative assets manager CLSA Capital Partners, the co-working startup said on Tuesday.
GoWork at present has two co-working spaces at Gurugram in Haryana, spread over 8 lakh square feet with a capacity of 12,000 seats.
"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," the Gurugram-based co-working startup said in a statement.
This is the first onshore private financing transaction in India by BlackRock, it added.
GoWork will use this funding to further scale the business and provide value-added services to its clients. The startup plans to have 50 co-working spaces across major cities in India by 2025.
The support from BlackRock and CLSA Partners will help GoWork further propel its growth across the length and breadth of all emerging markets in India, Chief Executive Officer Sudeep Singh said.
As of June 30, 2019, BlackRock managed about $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.