News: Coworking space provider Awfis raises another $20 Mn in funding

Technology

Coworking space provider Awfis raises another $20 Mn in funding

The recent investment will be used fund the company's next growth phase and bolster its network across India.
Coworking space provider Awfis raises another $20 Mn in funding

Home grown coworking space provider Awfis Space Solutions has raised $20 Mn in Series C funding from its existing investors global venture capital firm Sequoia Capital, The Three Sisters: Institutional Office (TTS:IO) led by Radha Kapoor and Temasek Group company InnoVen Capital.

Prior to this, the company had raised $31 million through two rounds from TTS:IO and founder Amit Ramani. Last year, Sequoia Capital had invested $20 Mn in the company.

The latest round values the company at over Rs 900 Cr. The recent investment will be used fund the company’s next growth phase and bolster its network across India.


Amit Ramani, founder of Awfis told ET, “The goal is to reach 40,000 seats across 90 centres from current 25,000 desks over the next one year. Deeper penetration into existing markets and expansion in new cities with focus on tier-II locations will be our priority.”

The coworking space found in 2015 is a joint venture between Ramani, the founder and managing director of real estate design consulting firm Nelson India, and TTS:IO, the family-run investment firm managed by Yes Bank founder Rana Kapoor’s daughters.

From its first facility in Delhi with 70 seats, it has now scaled up to 25,000 seats across 55 centres. As per Ramani, they will follow a managed-aggregation model approach to ensure better capital efficiency.

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Topics: Technology

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