Awfis Space Solutions Pvt. Ltd., South Asia’s largest network of collaborative co-working spaces, has received an investment of USD 20 million from Sequoia India. The funds will be used to grow its network of centers, launch new and innovative products/services and further enhance the existing technology platform.
Working towards achieving its target of having an Awfis centre within a 10 minutes driving radius in each of the key metros, the company plans to establish 100+ centres with 35,000+ seats across Mumbai, NCR, Bengaluru, Chennai, Hyderabad, Kolkata, and Pune in the next 24 months. Maple Capital Advisors acted as the financial advisor for the transaction.
Commenting on the investment from Sequoia India, Amit Ramani – Founder & CEO, Awfis said, “We have seen a huge demand in the market for co-working spaces and have created a shared economy platform that leverages technology. Awfis is transforming under-utilised real estate assets and providing an affordable and exciting new age work environment for today’s entrepreneur. We believe that this will facilitate a change in preference of the conventional office user from traditional offices to new age co-working spaces. We are thrilled with the market response and are confident that this funding will further enable our goal to have an ‘Awfis’ available anytime/anywhere in all major cities”
Awfis was jointly incubated by Amit Ramani and The Three Sisters: Institutional Office (‘TTS:IO’) with a total capital investment of USD 11 million in April 2015. Led by the three daughters of Mr. Rana Kapoor (Radha, Raakhe and Roshini), TTS:IO is an institutionally organized family office founded with the stated objective of incubating ‘new-age’ creative businesses.
Radha Kapoor Khanna – Sponsor, TTS:IO and Board Member, Awfis commented on the occasion saying, “India’s start-up and MSME community are extremely important for the growth, innovation and transformation of the Indian economy. An integral component for accelerating this eco-system is the creation of collaborative and high energy work spaces for the entrepreneurial community. We believe that Awfis, through its new age workspace designs and best in class technology is well positioned to bring in benefits of shared economy to start-ups, MSMEs and corporates. We are delighted with the induction of xxx into Awfis as we attempt to build scale and retain our No. 1 position in the market.”
Abhay Pandey, Managing Director, Sequoia Capital India Advisors, said, “Awfis is playing on two significant global trends – sharing economy and communities. This being delivered through a superior user experience at a lower total cost makes it more exciting. We are delighted to partner with Amit and team and TTS:IO in this journey.”
In a short span of two years, Awfis has shown remarkable growth and has achieved:
- A network of over 7,500+ seats across 21 centres in 8 cities across India
- Strong demand from an eclectic community of entrepreneurs, SMEs, freelancers and business corporates who have helped create a thriving community of over 5,000+ Awfis members
- An average 90%+ occupancy across its established centres
- A unique, ‘Just-in-Time’ booking facility through its customised mobile app and website
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.
The company has a successful shared economy business model that not just provides a network of ready to use workspaces across India, but also offers value driven services that can be booked ‘just-in-time’ through its website and mobile app. The Awfis Rewards program provides its members access to exclusive offers from 100+ renowned partners (including Amazon Web Services, Oyo Rooms, Hard Rock Café, SRL Diagnostics, etc).
The member base at Awfis 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.