WeWork losses double to $1.25bn. Paytm should go public within five years, stipulates SoftBank ahead of latest funding round.
Backing Up: SoftBank-backed office-space startup WeWork doubled it losses to $1.25bn in the three months ended Sept vs a loss of $497m reported in the same quarter in the previous year.
The company reported revenue of $934mn for the quarter, up from $482mn a year earlier.
Last month, SoftBank took majority ownership (80%) of WeWork as part of a deal to pump $5bn into the company. It also accelerated a $1.5bn equity investment originally due next year. CNN Business
Conditions Apply: As per sources, SoftBank has agreed to invest in Paytm's latest $1bn funding round on the condition that the payments platform should aim to go public within the next five years from the time of completion of the transaction.
The $1 billion funding round is likely to see US asset manager T Rowe Price invest around $150-200 million in One97, with existing backers SoftBank and Alibaba Group affiliate Ant Financial infusing the rest. ET Tech
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