Collaborative co-working spaces, Awfis Space Solutions, raised USD 20 million in Series B funding led by Sequoia India. Maple Capital Advisors acted as the financial advisor for the transaction. The funds from this round will be used to expand its centres, launch new products and services, and enhance the existing technology platform.
The company plans to create a network of over 100 co-working centres with 35,000 seats in the next two years. Currently, the co-working space has over 21 workplaces across Bengaluru, Hyderabad, Pune, Kolkata, and Delhi NCR with a seat count of over 7,500. They claim to have a community of over 5,000 members and has an average occupancy of 90 percent across its established centres. The co-working space also offers a ‘just-in-time’ book facility. Their user base includes a growing network of 500 companies ranging from India’s leading startups/MSMEs to Fortune 500 companies, forming the largest co-working community in India.
Pankaj Karna, Managing Director at Maple Capital Advisors, claims that over the years the company has demonstrated positive and superior unit economics. He believes that this investment from Sequoia will enable Awfis to expand and grow faster.
Amit Ramani, Founder and CEO of Awfis, says that with the growing demand for co-working spaces, there now is a focus on transforming under-utilised real-estate assets and provide affordable work spaces for entrepreneurs. According to Abhay Pandey, Managing Director at Sequoia Capital, Awfis is playing two significant global trends – communities and sharing economy. Apart from its own proprietary centers, Awfis also has a unique, asset light ‘managed aggregation’ model – partnering with space owners who have unused commercial space and transforming them into suitable places to work for the Awfis community.
Blume Ventures-backed BHIVE, Y-combinator-incubated Innov8, InstaOffice, and AltF Coworking are the other players in the same space.