The funds will be utilized to grow and extend their company assets, with a significant percentage of the funds going towards increasing the presence of iSprout in the existing markets of Hyderabad and Bengaluru.
The company has a 30-day grace period to make the interest payments before a non-payment can be considered an "event of default", WeWork said in a regulatory filing.
EFC India: The company said in a statement that it has recently signed around 5 lakh square feet of office spaces in Pune, Noida, Hyderabad, and Kolkata.
WeWork: The workspace provider also issued a warning that its management needed to raise additional capital to keep the company afloat and maintain liquidity over the next 12 months.