NEW DELHI: WeWork's India franchise has seen talks with local lender ICICI Bank Ltd on US$100 million in funding break down since The We Company's botched stock market launch, and is in early discussions to raise US$200 million from new investors, the venture's chief shareholder Jitu Virwani said on Thursday .
"Even if we have to put all that money ... to grow WeWork India, we will continue," Virwani, a Dubai-based billionaire whose son, Karan Virwani, heads WeWork India, told Reuters in an interview. Investors have expressed concerns about its burgeoning losses as well as how well a business model that involves taking long-term leases and renting out spaces for the short term will weather a global downturn.Unlike operations in other countries, like Japan, where WeWork has an ownership stake, Embassy set up WeWork India as a franchise, and was reported earlier this year by Indian media to be in talks to sell a 70 per cent stake back to The We Company for US$2.75 billion.
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