Sequoia-backed Awfis to raise $13.2m from Bisque, Link Investment Trust

Photo: Mint

Sequoia Capital-backed Awfis Space Solutions, a homegrown co-working space provider, is raising about $13.24 million (Rs 89.99 crore) in equity and debt funding from Bisque Ltd and Link Investment Trust.

According to the company’s filing with the Registrar of Companies (RoC) sourced by paper.vc, Bisque will invest a total of about Rs 88.65 crore by subscribing to Awfis’ equity shares, Series D compulsorily convertible cumulative preference share and Series D compulsorily convertible debentures.

Meanwhile, Link Investment Trust will contribute Rs 1.35 crore to the round.

The latest funding comes almost a year after the startup raised $20 million in a Series C funding round from existing investors Sequoia, Radha Kapoor-led The Three Sisters: Institutional Office (TTS:IO) 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.

Awfis, which was seeded by Three Sisters, has raised an estimated $43.6 million in funding to date, Crunchbase data shows. The company was also reportedly in talks with private equity firm ChrysCapital for funding.

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

This week, 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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.