Exclusive: Awfis raises fresh funds in extended Series E round

Co-working solutions provider Awfis Space Solutions has raised Rs 15 crore in a Series E1 round led by existing investor Bisque Limited. With this, the Delhi-based company has raised Rs 80 crore in ongoing Series E round. 

The board at Awfis has passed a special resolution to allot 10,39,706 Series E1 compulsory convertible preference shares (CCPS) at an issue price of Rs 144.27 per share to raise Rs 15 crore or $1.83 million, as per the regulatory filing with the Registrar of Companies (RoC).

Bisque Limited has led the round with Rs 14.77 crore while Link Investment invested Rs 23 lakh. The company has already received Rs 65 crore in Series E round in June where Ashish Kacholia, Bisque Limited, and Link Investment infused Rs 50 crore, Rs 14.77 crore, and Rs 23 lakh respectively.

As per Fintrackr’s estimates, the company has been valued at around $110 million (post-money). The company has raised around $100 million to date including a debt round of Rs 40 crore in March 2021. In June, the company raised Rs 65 crore in a Series E round led by Ashish Kacholia with a participation of existing backers Bisque Limited and Link Investment. The company may raise more funds in this round.

Founded in 2014, Awfis provides workspace solutions for freelancers to startups, SMEs large corporates, and MNCs. The company claims to have coworking spaces with over 130 centers and 77,500 seats across 15 cities.

Awfis registered a 44.4% growth in scale to Rs 257 crore in FY22 as compared to Rs 178 crore in FY21. As per the company’s annual financial statement with the RoC, its losses surged 33.8% to Rs 57 crore in FY22 from Rs 42.6 crore booked in the preceding fiscal year.

Awfis is also in the process to provide cash exit to its early backers - DOIT Urban and RAB India Enterprises to the tune of $30 million. Entrackr had exclusively reported about the development in October. This appears to be the first major secondary transaction at the company.

As per a media report, Awfis is planning to raise Rs 500-600 crore through a public listing by next year. It will raise both primary and secondary capital with the former going towards expansion and growth, the report added.