Coworking operator Awfis has raised about USD 30 million (approximately Rs 212 crore) from ChrysCapital and its existing investors to expand business and meet the rising demand for flexible office space.
At present, Awfis has 30,000 seats across 63 centres in 9 cities with a member base of over 1,500 companies and 25,000 professionals.
Awfis has raised USD 30 million in its fourth round of funding from ChrysCapital. Existing investors, Sequoia India and The Three Sisters Institutional Office (TTS:IO) also participated in the current round, the company said.
With this round of funding, the national capital-based firm has so far raised USD 81 million to grow its business.
The fresh capital infusion would be used to build the largest network of futuristic workspaces. The funds will be used to introduce innovative products/services and further establish new micro markets in India, the company said.
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Founded in 2015, Awfis clocked a nearly three-fold jump in revenue during the last fiscal at Rs 158 crore. It became profitable at entity level from November last year.
Awfis founder and CEO Amit Ramani said, "The additional capital raised will support us in expanding our footprint in India with more than 400 centres and 2,00,000 seats over the next 36 months. Our focus is to fortify our base in Tier I cities and further enter newer market with expansion into Tier II cities."
According to Kshitij Sheth, Vice President - ChrysCapital, coworking has changed the way commercial real estate business is conducted globally and has picked up a lot of steam in India, with Awfis leading the disruption.
Sequoia has invested in companies capturing the shared economy market across the world - Airbnb, Uber and Ola are just some examples," said Ishaan Mittal, Principal, Sequoia Capital India Advisors, adding that commercial real estate is as large a market, if not larger, than any other shared economy.
Radha Kapoor Khanna - Sponsor, TTS:IO said, "With a strong focus on customer experience at affordable price-points, we believe that Awfis will continue to pioneer the industry."
Awfis was founded by Amit Ramani in 2015 with initial funding from TTS:IO and himself.
Established in 1999, the ChrysCapital group manages around USD 4 billion across eight funds and is one of the leading investment firms in India.
TTS:IO, led/sponsored by Radha, Raakhe and Roshini (daughters of Rana Kapoor), was established in 2012 to promote new age entrepreneurship.
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