It’s an open question whether pulled public offering will chill the domestic IPO market. But the failed transaction is having an impact on at least some companies, namely the company’s country-focused simulacrum like .

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According , WeWork India “has seen talks with local lender ICICI Bank […] on $100 million in funding break down since The We Company’s botched stock market launch.” The We Company is the parent company of WeWork, the popular co-working startup.

According , WeWork India raised from Embassy Group. The same Reuters story notes that the company is looking to raise $200 million more.

WeWork India is not the only WeWork subsidiary, however, that could get hit by the We Company’s IPO fallout. may be an even larger bet. Crunchbase notes that the China-focused subsidiary has , each totaling $500 million. The first, , was led by the , though it had a putting capital to work. WeWork China then raised the second $500 million . co-led that round with the Vision Fund.

The India and China-focused WeWork efforts aren’t small. Sure, they haven’t raised as much money as the We Company, but I’d hazard each will qualify in the top-decile of all funded companies when all is said and done.

The wager that we’ve seen regarding the We Company is large, therefore, but not complete. There are other, smaller bets on the company’s model that we can find around the globe. And all dollars in this gambit seem to lead back to SoftBank.

Here’s the We Company discussing its various subsidiaries in its final, (Bolding: Crunchbase News):

To facilitate our expansion into Asia, we formed a number of joint ventures, strategic partnerships and similar entities to drive growth in a capital-efficient manner. We now operate in China, Japan and the broader Pacific region through a series of joint ventures, which we refer to as ChinaCo, JapanCo and PacificCo, respectively. Our key investors in ChinaCo are Softbank, Hony Capital and Trustbridge, and we own 59% of the entity. Our joint venture partner in JapanCo is SoftBank, and we hold a 50% interest in the joint venture. Our key investor in PacificCo is SoftBank, and we own 60% of the entity. We also operate in India through a strategic partnership from which we receive a revenue and profit share. For each of ChinaCo, JapanCo and PacificCo, in addition to our equity interest, we are entitled to a percentage of revenue in exchange for providing certain intellectual property and trademark rights and other services.

These strategic relationships have allowed us to expand into new regions without putting our capital at risk.

Terms that generous could only come from an investor committed to the model, I suppose. What matters is that the WeWork IPO mess looks like it could cause more damage. The bad news, for SoftBank shareholders at least, is that the Vision Fund is looking increasingly like AIG if we consider WeWork to be a .

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Per , investors in the new round include SoftBank’s Vision Fund (a huge investor in WeWork itself),  as an organization, and , among others. As , WeWork China about a year ago in a transaction that put a value of $1 billion on the company.

From $1 billion to $5 billion, WeWork China quadrupled its valuation in a year.

All this is getting a bit silly and hard to keep track of. With debt, two companies, and rounds from investors of all sorts, it’s time for a quick refresher.

WeWork’s Fundraising Race

Let’s go back through WeWork and WeWork China’s fundraising from the start of 2017 and onward. Here is what the numbers look like.

• July 2017: WeWork raised a . The new capital values the firm at  (some sources  the valuation).
• July 2017: WeWork China raised a . The new capital values the firm at .
• August 2017: WeWork to “.”
• August 2017: WeWork from the Vision Fund and SoftBank itself. Some of the funds g. The resulting valuation is unknown.
• April 2018: WeWork , paying 7.875 percent on the debt. WeWork originally targeted a $500 million sale. The WSJ  the $20 billion valuation figure at the time.
• July 2018: WeWork China raised , valuing the firm .

Despite some publicly-disclosed rounds, though, there’s much about WeWork that remains uncertain. It’s difficult to track WeWork’s valuation through time as that type of information seems to fade into the background after the company’s Series G. However, at the time of its 2016 $690 million Series F, WeWork’s pre-money valuation came to $16.2 billion, . WeWork’s 2015, $434 million Series E  at a pre-money valuation of $9.6 billion. Its 2014, $355 million put a sticker value on the firm at $4.6 billion before the new money was counted, and so on.

But with an opaque valuation or not, WeWork and WeWork China have proved prodigious fundraisers in the last year or so, putting on a masterclass in new capital accretion if nothing else.

It’s uncertain how much this collection of corporations will be worth if its shares ever manage to hit public markets. Competition abounds, and, even more, the raw numbers compared to market comps still don’t add up.

But it’s 2018, megarounds rule the world, and nothing else, it seems, matters.

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