Awfis secures $1.8 Mn to set up new work spaces

Awfis Space Solutions, claimed to be India’s largest and fastest-growing Work Space Solutions platform with over 88,000 seats spread across 150 centres spanning 17 cities according to an ROC filing reportedly raised Rs 15 crore ($1.8 million) in a Series E1 round led by existing investor Bisque Limited.

As per filings, Bisque Limited invested Rs 14.77 crore while Link Investment invested Rs 23 lakh. Delhi-based Awfis already secured Rs 65 crore in its Series E round in June, bringing the total amount raised to Rs 80 crore in this round.

Founded in 2014, Awfis provides products across the spectrum of work requirements including flex workspaces, enterprise workspace solutions, design and build solutions (Awfis Transform), integrated facility management (Awfis Care), and remote working solution (Awfis@Home).

It currently has a network of coworking spaces with 150 centres and 88,000 seats across 17 cities and will continue to strengthen its foothold across India to establish a network of 200 centres by end of 2022.

Awfis recently expanded operations to Kochi with a centre spread across 38,000 sq ft and located at Mezhukkattil Matrix, Chittoor Road.

Also, it leased over 0.1 million sq ft workspace in Kolkata to three large corporates. Currently, Awfis has nine centres in Kolkata spread across premier and sought-after locations—including Acropolis Mall, Chowringee road, and Salt Lake, among others—and plans to add two new centres in the next three months.

In line with its expansion plans in emerging metros, Awfis intends to establish a strong network in Tier II cities in the coming months. The company is targeting a two-fold jump in revenue to Rs 600 crore in FY23 as demand for flexible workspace has risen post the second wave of the COVID-19 pandemic, its founder and CEO Amit Ramani said.

Awfis plans to launch its IPO by end of 2023, plans 200 New Spaces by end of 2022

It plans to launch its initial public offer (IPO) towards the end of 2023, primarily to raise funds and give exits to investors, he said, adding that the company has raised about Rs 450 crore from investors so far.

Over the last few years, Awfis has evolved from being a coworking network to a fully tech-enabled workspace solutions platform that provides products across the spectrum of work requirements to cater to a wide segment of the modern workforce – from freelancers to startups, SMEs to large corporates and MNCs. The Awfis Design Philosophy ensures that spaces provide a perfect blend of collaborative and private areas with a vibrant colour palette and trendy furniture lending it a contemporary aesthetic.

As India’s largest shared space network, with presence established across all metros and a host of Tier ll cities; Awfis has successfully redefined what a modern workspace should look like and set a standard for providing an exemplary work experience.

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