Gurgaon based GoWork is looking to strengthen its position in the co-working space after raising $53 million from asset management firm BlackRock and CSLA capital partners in a debt funding round.
The deal marks BlackRock’s first private debt financing transaction in the Indian startup ecosystem. Previously it had invested in the e-commerce platform Snapdeal in a $105 equity funding round along with Temasek and PremjiInvest.
The New York-based firm is touted as the biggest asset management company in the world, having a market cap of over $86 billion and assets under management nearing $6.28 trillion.
There’s a spike of interest by the investors in the co-working market in India, last month GoWork’s rivals Awfis had raised $20 million in Series C round while Innov8 was acquired by the hospitality company OYO for an undisclosed amount.
Meanwhile, GoWork has plans to use this debt capital to further scale up the operations and provide additional services to its clients. CEO Sudeep Singh said that the company also gains brand value after investment from BlackRock which counts Metlife Inc and American National Insurance Co. as clients.
The company currently operates two commercial buildings in Gurgaon having 8 lakh square feet and a seating capacity of 12,000 seats and has plans to expand exponentially to reach at least 50 locations in major cities across India by 2025.
Offering multiple solutions as a co-working platform, GoWork provides open floor plan coWorking spaces as well as manages large enterprise office spaces in a bid to have customers from big corporate houses as well as budding startups who need the flexibility of the coworking space.
Apart from providing the infrastructural necessities to companies, the company also offers niche services to its clients such as frustration zones, Spa facilities, Urban sleeping pods, and meditation areas as well.
GoWork’s clientele base includes startups and corporates such as Paytm Mall, Impactify Consulting, CoverFox, and many others.