Awfis Raises $30 Mn In Series D Funding Led By ChrysCapital

Awfis Raises $30 Mn In Series D Funding Led By ChrysCapital

SUMMARY

ChrysCapital, Sequoia Capital India and The Three Sisters Institutional Office participated in the round

The fresh funds will be used to introduce new products/services, the company said

Awfis currently has 30K seats across 63 centres in 9 cities with over 25K member-customers

Delhi-based coworking space provider Awfis has raised $30 Mn in a Series D funding round. The investment was led by ChrysCapital, with participation from Sequoia Capital India and The Three Sisters Institutional Office. Awfis says it would use the funding to expand its products and services lineup, and further establish a presence in new micro-markets in India, while enriching the experience for its community members. The investment was advised by Maple Capital Advisors.

With this investment, total funding raised by Awfis is $81 Mn backed by investors such as InnoVen Capital etc.

Founded in 2015 by Amit Ramani, Awfis currently has 30K seats across 63 centres in nine cities with a member base of over 25K customers. The company is offering its services to over 1500 clients including companies such as Vodafone, Reliance, Hitachi, Zomato, Practo, Blazeclan, Syngenta, Phelps, Hinduja Global Services.

The company currently has a total real estate portfolio of 2 Mn sq. ft. across India. Ramani said the additional capital from the Series D funding would support Awfis’ plans to expand its presence to other locations in India with over 400 centres and 200K seats over the next 36 months. “Our focus is to fortify our base in Tier 1 cities and further enter newer market with expansion into Tier 2 cities,” Ramani added.

Awfis Funding: Coworking Market Draws Big Deals

Awfis recently introduced Awfis Enterprise Solutions which focuses on customised offerings and a hassle-free way for an enterprise to outsource the designing, building and managing of their office space thus allowing them to solely focus on running their business. Pankaj Karna, founder and MD of Maple Capital Advisors, said, “Awfis under Amit and the current team has built a profitable market leading business that has extremely bright future with best in class investors backing.”

The funding announcement from Awfis comes on the same day that Gurugram-based coworking space GoWork announced raising $53 Mn debt funding from BlackRock’s Private Credit team. CLSA Capital Partners’ Special Situations Group also participated in the round, and GoWork plans to expand to 50 centres across major cities of India by 2025.

Competing among nearly 300 coworking spaces in India, Awfis has been challenging players such as WeWork India, 91Springboard and newly-launched OYO Workspaces with Innov8. OYO introduced three coworking brands including Workflo and PowerStation in its mid to budget category, while Innov8 is part of its premium category. Powerstation by OYO is a fully managed workspace for medium and large businesses, startups, and freelancers.

According to CBRE, in the next few years, with office rents continuing to move up across India, the total space leased by coworking operators in Tier 1 and Tier 2 cities could touch 6-10 Mn sq. ft. by 2020. In another report, JLL estimated that Indian office space holds a potential real estate investment trust (REIT) able space of 294 Mn sq ft.  In a statement earlier, Ramesh Nair, CEO and Country Head, JLL India said, “We expect more REIT launches in 2019. For institutional players, newer business around coliving, flex-spaces and proptech are opening up, giving much hope and confidence in the India growth story.”

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Awfis Raises $30 Mn In Series D Funding Led By ChrysCapital-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Awfis Raises $30 Mn In Series D Funding Led By ChrysCapital-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Awfis Raises $30 Mn In Series D Funding Led By ChrysCapital-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Awfis Raises $30 Mn In Series D Funding Led By ChrysCapital-Inc42 Media
Awfis Raises $30 Mn In Series D Funding Led By ChrysCapital-Inc42 Media
You’re in Good company