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Co-working spaces start-up Awfis has raised an additional $30 million in its fourth round of funding from investor ChrysCapital. Existing investors, Sequoia India & The Three Sisters Institutional Office also participated in the current round. The new inflow of funds brings the total funding amount till date to $81 million.
The fresh capital infusion will be used to further its commitment towards building the largest network of futuristic workspaces, the company said in a statement. The funds will also be used to introduce new and innovative products/services and further establish new micro markets in India while enriching the experience for its community members.
Awfis was founded by Amit Ramani in 2015 with initial funding from The Three Sisters: Institutional Office (TTS:IO) & himself. In 2017, Sequoia India partnered with Awfis to back the firm’s aggressive expansion plans. They received further backing from Innoven Capital, Sequoia India & TTSIO in 2018.
Amit Ramani, founder & CEO of Awfis said, “We have embarked on our mission to develop a cohesive community of entrepreneurs, SMEs, corporates that co-exists in its centres to engage for professional and personal enrichment. The additional capital raised will support us in expanding our footprint in India with over 400 centres & 200,000 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.”
Sharing his views on the funding, Kshitij Sheth, vice president - ChrysCapital said, “Co-working has changed the way commercial real estate business is conducted globally and has picked up a lot of steam in India, with Awfis leading the disruption. ChrysCapital is extremely optimistic about Awfis’ growth and strongly believes in Amit and his team and their commitment to create a modern, economical, hassle-free, conducive ecosystem for India’s growing work-force.”
Ishaan Mittal, Principal, Sequoia Capital India Advisors said, “Sequoia has invested in companies capturing the shared economy market across the world - Airbnb, Uber and Ola are just some examples. We have always been impressed with Awfis’ consistently high NPS. Sequoia India is happy to continue partnering with them as they outperform competitors to create the largest network of co-working spaces across India.”
Maple Capital Advisors, a New Delhi based investment banking firm, acted as the sole financial advisors for this round of funding.
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