Co-working space provider Awfis is raising Rs 90 crore ($13.24 million) from Bisque Ltd and Link Investment Trust. The funding round, which is a mix of equity and convertible debt, has come after its $20 million Series C round in July last year.
Bisque will be investing about Rs 88.65 crore while Link Investment Trust will pour in Rs 1.35 crore. About Rs 71.91 crore would come in the form of compulsorily convertible debt. Remaining Rs 18 crore would be a pure-play equity investment, reveals RoC filings with MCA.
Awfis is backed by Sequoia Capital, The Three Sisters: Institutional Office run by Yes Bank Founder and MD, Rana Kapoor and venture debt provider Innoven Capital. The company caters to SMEs, startups, and corporations.
According to a CNBC report, about 40% revenue of the firm comes from corporates along with 20% from startups and freelancers.
Currently, Awfis is serving to about 1500 companies, and 19,000 plus professionals. Vodafone, Hinduja Group, Duff & Phelps and Michelin Tyres are some of the notable clients of the company. The Delhi-based company was reportedly in talks with private equity firm ChrysCapital to raise $25 million equity investment.
So far, Awfis had raised over $50 million in a mix of equity and debt financing rounds.
Awfis had clocked a nearly three-fold jump in revenue during FY19 at Rs 158 crore from Rs 56 crore in the preceding fiscal on the back of rising demand for shared office space. It’s targeting a projected revenue of Rs 300 crore by the end of the ongoing fiscal.
The firm competes with BHIVE, Innov8, 91springboard, Stirring Minds, and others. Importantly, OYO had entered the co-working business with the acquisition of Innov8. The SoftBank-backed venture also had launched two separate brands Powerstation and WorkFlo.