Awfis Space Solutions Pvt. Ltd., South Asia’s largest network of collaborative co-working spaces, has received an investment of 20 million dollars from Sequoia India. The funds will be used to grow its network of centers, launch new and innovative products and services and further enhance the existing technology platform.
Working towards achieving its target of having an Awfis centre within a 10 minutes driving radius in each of the key metros, the company plans to establish over 100 centres with over 35,000 seats across Mumbai, NCR, Bengaluru, Chennai, Hyderabad, Kolkata, and Pune in the next 24 months. Maple Capital Advisors acted as the financial advisor for the transaction.
Amit Ramani, founder and CEO of Awfis said, “We have seen a huge demand in the market for co-working spaces and have created a shared economy platform that leverages technology. Awfis is transforming under-utilised real estate assets and providing an affordable and exciting new age work environment for today’s entrepreneur. We believe that this will facilitate a change in preference of the conventional office user from traditional offices to new age co-working spaces. We are thrilled with the market response and are confident that this funding will further enable our goal to have an ‘Awfis’ available anytime/anywhere in all major cities.”
Awfis was jointly incubated by Amit Ramani and The Three Sisters: Institutional Office (‘TTS:IO’), with a total capital investment of 11 million dollars in April 2015. Led by the three daughters of Mr. Rana Kapoor (Radha, Raakhe and Roshini), TTS:IO is an institutionally organized family office founded with the stated objective of incubating ‘new-age’ creative businesses.
Abhay Pandey, managing director of Sequoia Capital India Advisors said, “Awfis is playing on two significant global trends - sharing economy and communities. This being delivered through a superior user experience at a lower total cost makes it more exciting. We are delighted to partner with Amit and team and TTS:IO in this journey.”