Co-working space provider Awfis has secured Rs 40 crore in a mixed funding round of debt and equity from its existing investors- Bisque Limited and Link Investment Trust.
The Delhi-based company’s Series D round kicked off in August last year in which it had raked in $30 million as the first tranche led by ChrysCapital. The latest investment is the second tranche received by the company for the ongoing Series D round.
Regulatory filings reflected that the Delhi-based Awfis has allotted 39,400 Series D1 compulsorily convertible debentures (CCD) carrying a nominal coupon rate of 0.001% at Rs 10,000 per share to Bisque Limited to raise Rs 39.4 crore in debt.
In addition, Link Investment Trust infused Rs 60 lakh equity funding in exchange for Rs 36,878 Series D1 compulsorily convertible preference shares (CCPS) making the total consideration raised worth Rs 40 crore.
To date, Awfis has raised over $55 million in a mix of equity and debt financing rounds.
This development comes in the backdrop of all the co-working centers across the country under immense stress due to the ongoing Covid-19 outbreak. While many of the co-working space providers- WeWork, Awfis, Smartworks, and Simpliwork among others have either shut down most of their offices across major cities, rest are operating from their partially open facilities.
Given the nationwide lockdown for almost two months now and many customers not being able to pay the rent of the co-working spaces due to loss of income and jobs, Awfis was also reportedly working with its landlords to seek a waiver on rentals.