Co-working space provider Awfis has received $20 million (over Rs 128 crore) in funding from Sequoia India that will be used to expand network of centres and enhance technology platform. Awfis plans to establish over 100 centres with more than 35,000 seats across Mumbai, Delhi-NCR, Bengaluru, Chennai, Hyderabad, Kolkata and Pune in the next 24 months, it said in a statement.
The funds will be used to grow the network of centres, launch new and innovative products/services and further enhance the existing technology platform, it added. Maple Capital Advisors acted as the financial advisor for the transaction.
“We have seen a huge demand in the market for co-working spaces and have created a shared economy platform that leverages technology,” Awfis founder and CEO Amit Ramani said.
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Awfis is transforming under-utilised real estate assets and providing an affordable new-age work environment for today’s entrepreneur, he added. Awfis was jointly incubated by Amit Ramani and The Three Sisters: Institutional Office with a total capital investment of $11 million in April 2015.
Awfis currently has a network of over 7,500 seats across 21 centres in 8 cities. It claims to have an average over 90 per cent occupancy across its established centres.
Apart from its own proprietary centres, Awfis also has a asset light ‘managed aggregation’ model, under which it partners with space owners who have unused commercial space.