Awfis plans to establish over 100 centres with more than 35,000 seats across Mumbai, Delhi-NCR, Bengaluru, Chennai, Hyderabad, Kolkata and Pune in the next 24 months, it said in a statement.
The funds will be used to grow the network of centres, launch new and innovative products/services and further enhance the existing technology platform, it added.
Maple Capital Advisors acted as the financial advisor for the transaction.
"We have seen a huge demand in the market for co-working spaces and have created a shared economy platform that leverages technology," Awfis founder and CEO Amit Ramani said.
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Awfis was jointly incubated by Amit Ramani and The Three Sisters: Institutional Office with a total capital investment of USD 11 million in April 2015.
Awfis currently has a network of over 7,500 seats across 21 centres in 8 cities. It claims to have an average over 90 per cent occupancy across its established centres.
Apart from its own proprietary centres, Awfis also has a asset light 'managed aggregation' model, under which it partners with space owners who have unused commercial space.