Gurgaon-based co-working space GoWork raises US$53 million from BlackRock with co-investment by CLSA Capital Partners
New Delhi, August 6th, 2019: Establishing a clear leadership in the Indian co-working spaces’ segment, Gurgaon-based GoWork has raised US$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 this funding to further scale the business and provide value-add services to its clients.
Speaking of this, 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. At GoWork, we aim to create a support system that caters to not just the physical/infrastructural requirements of companies but one that encompasses all aspects of the business. This funding is one step forward towards achieving that goal.”
Neeraj Seth, BlackRock’s Head of Asian Credit, commented, “We feel excited about the opportunities GoWork presents as it continues to reinvent and revolutionise the co-working culture in India. 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, commented, “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.”
GoWork is currently sprawled over 8 lakh square feet with a capacity of 12,000 seats across its two offices in Gurgaon. It offers its community a dedicated work environment and also acts as a platform for businesses to co-collaborate and grow within the community. Along with providing fully managed offices to start-ups 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 fruitful partnerships. The co-working space plans to have 50 centers across major cities of India by 2025.
About GoWork
GoWork is a new age co-working space that offers its community a dedicated work environment and also acts as a platform for businesses to collaborate and grow within the community. Along with providing fully managed office facilities, it also offers features like ‘meditation’ and ‘frustration’ zones, ‘Urban sleeping pods with TVs’, ‘gaming zones’, gym and spa to offer the right mix of work, relaxation and recreational environment, to its community. GoWork will soon be adding children’s Crèche, Pet Care facility, Basket Ball and Badminton Courts and a brewery to its current fold of amenities.
About BlackRock
BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, our clients turn to us for the solutions they need when planning for their most important goals. As of June 30, 2019, the firm managed approximately US$6.84 trillion in assets on behalf of investors worldwide.
About CLSA Capital Partners (www.clsacapital.com)
CLSA Capital Partners is the alternative asset management business of CLSA, Asia’s leading capital markets and investment group. Established in 1995, CLSA Capital Partners manages a diversified range of strategies including private equity, real estate, credit and transportation-and-real asset. From eight offices across Asia-Pacific including Hong Kong, Singapore and Tokyo, the firm’s experienced investment teams aim to generate attractive returns for clients while ensuring sustained value creation for portfolio companies and investment partners.
