Delhi-based co-working space Awfis has raised ₹210 crores in Series D funding round from ChrysCapital, Sequoia Capital India and The Three Sisters Institutional Office. The coworking space provider will use the freshly raised funds to expand its services and establish a presence in micro-markets in the country.
Awfis was advised by Maple Capital Advisors during the investment deal. The coworking space’s funding has reached ₹490 crores with this investment. The company has also raised funds from InnoVen Capital earlier.
Founded by Amit Ramani in 2015, Awfis currently has a seating capacity of 30,000 across 63 centers in 9 cities with a member base of more than 25,000 customers. The coworking space offers its services to clients like Reliance, Hitachi, Practo, Zomato, Reliance, Phelps, and Hinduja Global Services.
As per current metrics, Awfis has a total of 2 million sq ft of real estate portfolio across India. With the latest funding, it plans to expand its presence to other locations and open 400 centers and cross 2 lakh seats over the next 36 months.
“Our focus is to fortify our base in Tier 1 cities and further enter the newer market with expansion into Tier 2 cities,” Ramani said.
The funding announcement comes on the same day when Guguram-based GoWork raised ₹370 crores in debt funding. Awfis will compete with SoftBank-backed WeWork, OYO-acquired Innov8, and 91Springboard. According to CBRE, the total spaces leased by co-working operators in Tier I and Tier II cities could touch 6-10 million square feet by 2020.