Awfis reports 46 pc spike in FY20 revenue; launches solution to boost work-from-home productivity

Coworking firm Awfis on Monday said its revenue grew by 46 per cent to Rs 230 crore last fiscal on better demand for shared office space, and announced a solution that will provide physical and IT infrastructure to professionals working for home in the wake of the COVID-19 pandemic.

"Our revenue stood at Rs 230 crore last fiscal as against Rs 158 crore in 2018-19. It could have been more, but revenues were hit in March because of the coronavirus outbreak," Awfis founder and CEO Amit Ramani told PTI.

The company has opened around 40 centres from May 4 with 33 per cent occupancy permitted by the government. Our centres in Mumbai and Pune are closed," Ramani said.

He said the coworking segment has also been affected like any other industries, but expressed confidence that flexible workspace would gain momentum post COVID-19 with corporates and startups looking to cut capex.

People are currently working from home because of the lockdown. "Post COVID-19, we expect that around 10-12 per cent of workforce will be working from home. Many companies have already announced such plans," he said.

Therefore, Ramani said, the company has come out with an offering called 'Awfis@Home', where it will help provide physical and IT infrastructure for work for home at Rs 2,500 monthly subscription fee.

"Organisations and individuals are trying their best to adjust to this new normal and need of the hour is a solution that would help them maintain and build the productivity and efficiency of the physical workplace right in the safety and comfort of their homes," Ramani said.

Awfis Chief Marketing Officer Sumit Lakhani said the new solution enables the flexibility of remote working coupled with the productivity of the office space.

The integrated toolkit provides the users smart and ergonomic furniture along with tech solutions like high speed broadband connection, data security and IT solutions.

Through an app, it will also help its corporate clients in attendance management of employees.

Awfis, which currently has 35,000 desks in 70 centres across major cities, has so far raised USD 81 million from investors, including ChrysCapital and Sequoia India.