Flexible workspace provider WeWork India said it had raised Rs 550 crore from the private credit platform BPEA Credit on Wednesday.

The fundraising comes as WeWork highlights its expansion plans in the country. WeWork, a global company that started operations in India in 2017 and posted its first-ever profitable quarter earlier this year, said it had grown from a 100,000-square-foot and 2,200 members have grown. Over 6 million square feet with over 62,000 membership years.

The company has 41 locations in India across six cities: Bengaluru, Mumbai, Gurgaon, Noida, Hyderabad and Pune. WeWork India said it would be profitable after locking in revenue of Rs 1,300 crore by the end of the year. WeWork India’s Ebitda achieved a profit of Rs 175 crore in FY22, a 250% increase from the Rs 120 crore loss reported by the unit in FY21.

In 2020, the year of the rapid spread of Covid, WeWork India raised $7.5 billion from WeWork Global to help stabilise the business from the fallout from the pandemic.

WeWork India’s membership portfolio includes 70% of businesses such as Khaitan & CO and Honeywell, while startups, freelancers and SMEs make up the rest. As previously reported, several companies such as Sequoia-backed Awfis and Smartworks, which compete with WeWork in India, continue to be bullish on demand, especially from non-metro cities, as companies continue to operate primarily in a hybrid model.