Co-working startup Awfis snags $30m led by ChrysCapital, joined by Sequoia

Visual from Awfis website

Awfis Space Solutions, a homegrown co-working space provider, has raised $30 million in a Series D funding round led by private equity firm ChrysCapital. 

The round was joined by existing investors Sequoia India and Radha Kapoor-led The Three Sisters: Institutional Office (TTSIO), it said in a statement.

“The additional capital raised will support us in expanding our footprint in India with 400+ centres & 200,000 seats over the next 36 months. Our focus is to fortify our base in Tier 1 cities and further enter newer market with expansion into Tier 2 cities,” said Amit Ramani, founder & CEO of Awfis.

Awfis currently claims to have 30,000 seats across 63 centres in nine cities with a member base of more than 25,000. It services over 1500+ companies with a real estate portfolio of 2 million sq ft across India.

The latest funding comes almost a year after the startup raised $20 million in a Series C funding round from Sequoia, The Three Sisters: Institutional Office, and Temasek-backed venture debt firm InnoVen Capital.

Sequoia had also led the $20-million Series B funding round for Awfis in April last year.

Last month, this website also reported that Awfis is raising about $13.24 million (Rs 89.99 crore) in equity and debt funding from Bisque Ltd and Link Investment Trust. The startup, which was seeded by Three Sisters, has raised over $70 million in funding to date.

“Awfis has received unprecedented success in the coworking segment and has emerged as the largest player in this segment owing to the profound understanding of the customer demands along with the introduction of innovative offerings. With a strong focus on customer experience at affordable price-points, we believe that Awfis will continue to pioneer the industry. We are looking forward to Awfis’ expansion in the coming years,” Radha Kapoor Khanna, sponsor, TTSIO said.

With new players coming in, the co-working space segment in India is heating up.

On Tuesday, Gurugram-based GoWork, too, announced that it raised $53 million in debt from US-based investment management firm BlackRock with co-investment by CLSA Capital Partners. The co-working space plans to have 50 centers across major cities of India by 2025.

Last month, OYO Workspaces announced its plans of opening over 50 centres across India by the end of 2019. The company also formally announced the acquisition of Gurugram-based co-working space provider Innov8, which already operates six centres across Delhi, Noida, Gurgaon, Bengaluru, Chandigarh and Mumbai.

In December last year, Mint reported that Singapore-based Ascendas-Singbridge Group aims to double its commercial office portfolio in India in the next 4-5 years, besides launching its co-working brand ‘thebridge’.

WeWork India, a joint venture between US-based co-working space provider WeWork and Embassy Group, was also reported to be in talks to raise up to $200 million in funding last year.