IT sector, co-working players driving office space absorption

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New Delhi | Updated: August 7, 2019 7:08:11 AM

Awfis aims to strengthen its presence in tier 1 cities and expand further into tier 2 cities and will use the funds to introduce new and innovative products and services and further establish new micro markets in India, the company said.

GoWork investment, GoWork fund, Awfis investment, Awfis fund, indian unicorns, GoWork gurgaon, gowork noida, Awfis gurgaon, tech start up, tech hot spots, ChrysCapital. Existing investors, Sequoia India, The Three Sisters Institutional OfficeGoWork currently has two coworking centres at Gurugram in Haryana, spread over 8 lakh square feet with a capacity of 12,000 seats.

Coworking operators Awfis and GoWork have raised $83 million to expand their businesses.

Awfis on Tuesday said it raised $30 million in fresh funding led by marquee investor ChrysCapital. Existing investors, Sequoia India and The Three Sisters Institutional Office also participated in the round. The investment is part of the company’s series D funding round. The firm has so far raised about $81 million in funding.

GoWork, meanwhile, said it raised $53-million (around `375 crore) debt funding from US-based BlackRock and CLSA Capital Partner.

GoWork currently has two coworking centres at Gurugram in Haryana, spread over 8 lakh square feet with a capacity of 12,000 seats. Awfis aims to strengthen its presence in tier 1 cities and expand further into tier 2 cities and will use the funds to introduce new and innovative products and services and further establish new micro markets in India, the company said.

“The additional capital raised will support us in expanding our footprint in India with more than 400 centres and 200,000 seats over the next 36 months,” said Amit Ramani,founder and CEO at Awfis. Founded in 2015, Awfis currently has 63 centres and over 30,000 seats across nine cities. This is a considerable jump from 5,800 seats in 20 centres with a member base of over 4000 in July 2017.

GoWork, on the other handsaid it will use this funding to further scale the business and provide value-added services to its clients.

GoWork CEO & Chief Evangelist, Sudeep Singh said, with their (BlackRock and CLSA) support, GoWork can further propel its growth across the length and breadth of all emerging markets in India. It plans to have 50 centres across major cities of India by 2025.

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