Awfis, a startup that rents coworking space to businesses, raised $30 million in a Series D equity financing round led by homegrown ChrysCapital, a senior executive at the private equity firm said.
“Coworking has changed the way commercial real estate business is conducted globally and has picked up a lot of steam in India, with Awfis leading the disruption. Awfis’s sustainable approach to business, superior performance and strong customer focus has encouraged ChrysCapital to associate with them," Kshitij Sheth, vice president at ChrysCapital said in an interview.
The round also saw participation from existing investors in Awfis— venture capital firm Sequoia Capital and Yes Bank founder Rana Kapoor’s family office, The Three Sisters: Institutional Office (TTS: IO).
Awfis plans to use the capital to expand its network of workspaces, introduce new and innovative products and services, and enter tier-II cities Jaipur, Ahmedabad, Bhubaneswar, Kochi and Indore.
Founded by Amit Ramani in 2015, Awfis started with a $11 million capital from TTS:IO and himself. So far, it has raised $81 million, including the latest investment, in the form of debt and equity financing.
The Gurugram-based firm, with a total real estate portfolio of about 2 million sq. ft, presently rents 30,000 seats across 63 centres in nine cities. Its sales nearly tripled to ₹165 crore in the year ended 31 March, compared with the previous year. Presently, it has a member base of over 25,000 professionals and more than 1,500 firms.