Co-working brand Awfis announced a series C funding of $20 million from Sequoia India and Innoven Capital and The Three Sisters: Institutional office TTS:IO led by Radha Kapoor Khanna. The fresh capital infusion will be used to bolster and deepen the Awfis network across India, launch new and innovative products/services and further enhance the existing technology platform.
Sequoia Capital has also invested $20 million earlier in Awfis as part of Series B funding. The brand was jointly incubated by Amit Ramani and The Three Sisters: Institutional Office (TTS:IO) with a total capital investment of $11 million in April 2015.
Amit Ramani, Founder & CEO of Awfis said, “With the growing demand for co-working spaces, there is a focus on transforming under-utilised real estate assets and providing affordable work spaces for entrepreneurs.”
The company claims to have achieved a growth scale of 25000 seats across 55 centres with a member base of 15,000+ as compared to 5,800 seats in 20 centres with a member base of 4000+ in July 2017. The member base at Awfis supposedly includes a growing network of 1200+ companies ranging from India’s startups and MSMEs to Fortune 500 companies. Their clientele includes companies like Hinduja, Vodafone, Mercedes Benz, RBI, Hitachi, ShareKhan, Zomato, Practo and more.
Aiming to continue with its plans of aggressive expansion, Awfis has supposedly inked lease deals totalling to 0.25m sq. ft. in the last 60 days across Hyderabad, Kolkata, Chandigarh and Noida. The company currently has a total RE footprint of 1.5 million sq. ft. across all existing markets in India. Awfis has a nation-wide network of 55 centres across 9 cities and 45 micro markets.
“The additional capital will aid us in expanding our footprint in India with 100+ centres with 40,000+ seats in the next 12 months. Our priority is to deepen the penetration in existing markets and enter new cities with focus on Tier II locations,” Amit added.
The company has a shared economy business model that provides a network of ready to use workspaces across India along with value driven services that can be booked through its website and mobile app.