Awfis raises fresh funding of $20 mn from Sequoia, others

Hyderabad | Updated on July 25, 2018 Published on July 25, 2018

Awfis, a shared workspace provider, has raised $20 million in series C funding from Sequoia India and Innoven Capital and The Three Sisters: Institutional office (TTS:IO) led by Radha Kapoor Khanna. Sequoia Capital had earlier invested $20 million in Awfis as part of a Series B funding.

Awfis Space Solutions was jointly incubated by Amit Ramani and The Three Sisters: Institutional Office with a capital of $11 million in April 2015. 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.

In the last fiscal year, Awfis scaed up to 25,000 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 includes a growing network of more than 1,200 companies ranging from India’s leading start-ups/ MSMEs to Fortune 500 companies, forming the largest co-working community in India. Companies such as Hinduja, Vodafone, Mercedes Benz, RBI, Hitachi, ShareKhan, Zomato and Practo operate from various Awfis centres.

Amit Ramani, Founder & CEO of Awfis in a statement 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 additional capital will aid us in expanding our footprint in India with 100+ centres with 40,000+ seats in the next 12 months.”

Abhay Pandey, Managing Director, Sequoia Capital – India said: “Awfis has generated tremendous momentum with its unique supply acquisition models. It is re-creating the workspace landscape for the benefit of both tenants and landlords. Sequoia strongly believes in the opportunity created by Amit and the team, and will continue to back Awfis to retain its leadership position in the Indian shared workspace market.

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Published on July 25, 2018
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