Awfis bags $30 Mn Series D round from ChrysCapital, Sequoia and others

Co-living and co-working segments have been undergoing a lot of actions this year. Be it Gurugram-based GoWork, GoHive or Bengaluru- headquartered NestAway, all these startups have raised over huge funding collectively.

Yet another co-working space provider Awfis has reportedly raised $30 million in Series D funding round led by ChrysCapital. Venture capital firm Sequoia Capital India and The Three Sisters Institutional Office also participated in the round.

With the infusion of new funds, Awfis is looking forward to expedite the company’s core commitment towards building the largest network of futuristic workspaces. 

To launch its new products and services, the startup has further aimed to inculcate fresh micro-markets in the country.

The round kicked off in July when the Amit Ramani led company was about to receive its first tranche worth Rs 90 crore from Bisque Ltd and Link Investment Trust.

Prior to this, Awfis had raised over $50 million in a mix of equity and debt financing rounds.

The investment announcement has come on a day when another co-working company Gowork raised $53 million debt round from  BlackRock and CSLA capital partners.

Founded in 2015, Awfis had clocked a nearly 3X 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.

Currently, it serves around 1,500 companies and about 25,000 professionals work form its facilities. Recently, the company projected revenue of Rs 300 crore by the end of the ongoing fiscal.

The firm counts BHIVE, Innov8, 91springboard, Stirring Minds, among others as its close competitors. OYO is another deep-pocketed competition in the space. The company has already launched two separate co-working brands - Powerstation and WorkFlo. It also acquired Innov8 in a cash plus stock deal in the tune of Rs 200 crore.

The development was reported by TOI via PTI.