Awfis Opens New Centre In Lucknow, Shares Jump 5%

Awfis Opens New Centre In Lucknow, Shares Jump 5%

SUMMARY

Shares of Awfis rallied more than 5% to INR 717.50 apiece during the intraday trading on the BSE on Tuesday (January 14)

The coworking space startup opened a new centre in Uttar Pradesh’s Lucknow, expanding its presence to 9 tier II cities

Awfis posted a consolidated net profit of INR 38.67 Cr in Q2 FY25 against a net loss of INR 4.24 Cr in the same quarter last year

Shares of Awfis rallied more than 5% to INR 717.50 apiece during the intraday trading on the BSE on Tuesday (January 14) after the shared coworking space provider announced the opening of a new centre in Lucknow.

“With the launch of its new centre in Lucknow, Awfis solidifies its position as India’s leading provider of flexible workspace solutions,” the company said in a statement. 

Awfis’ new centre, spread across 47,694 sq ft, is situated in Gomti Nagar, which has emerged as a hub for technology and commercial activity.

The newly launched centre is equipped with a lounge area & Awfis Cafe and offers comprehensive workspace solutions such as meeting and conference rooms, coworking spaces and tailored enterprise solutions.

It must be noted that Awfis became the first homegrown coworking space startup to enter a Tier II city in 2018. Since then, it has expanded its presence to nine Tier II cities — Chandigarh, Bhubaneshwar, Guwahati, Kochi, Jaipur, Nagpur, Pune, Indore and now Lucknow.

Founded in 2015 by Amit Ramani, Awfis claims to be the largest flexible space operator in India with 181 centres, around 1.1 Lakh seats, and about 5.6 Mn square feet of chargeable area, as of March 31, 2024.

Awfis reported a consolidated net profit of INR 38.67 Cr in Q2 FY25 against a net loss of INR 4.24 Cr in the same quarter last year. Operating revenue jumped 40.46% to INR 292.38 Cr during the quarter under review from INR 208.15 Cr in the year-ago period.

The company earns revenue from its core businesses co-working spaces, flexible workspaces, custom office spaces, and mobility solutions, tailored for startups, small and medium enterprises (SMEs), large organisations, and multinational corporations.

In November last year, Awfis launched a new offering called ‘Elite’ to cater to the growing demand in the premium workspace segment and the country’s global technology capability centres (GCC) market.

The company has already launched its first Elite centre in Hyderabad and plans to expand to other cities such as Mumbai, Bengaluru, and Delhi in the coming days.

Rising office space rental costs across the country have led to a boom in initial public offerings by companies in the coworking space. While Awfis got listed on the Indian stock exchanges last year, the likes of Smartworks, DevX, and IndiQube are set to go public soon.

 

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