WeWork Rival Co-Working Firm, Awfis, Raises $20 Million Funding

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    WeWork rival in India, Awfis, has raised $20 million in new capital for expansion. The funding has been forwarded by from its existing investors- global venture capital firm Sequoia Capital, The Three Sisters: Institutional Office (TTS:IO) led by Radha Kapoor and Temasek Group company InnoVen Capital.

    With the latest funding, the valuation of Awfis has touched more than $130.8 mn (INR 900 Cr). The Mumbai based company reportedly plans to use the funding to bolster and deepen the Awfis network across India, launch new and innovative products/services and further enhance the existing technology platform.

    Awfis was founded by Amit Ramani in 2015 with the strategic backing from The Three Sisters: Institutional Office (TTS: IO). The company offers flexible office space, cabins and meeting rooms along with unlimited wifi and refreshment coupons.

    Pic Credit: Facebook/Awfis

    Prior to this, the company had raised $31 million through two rounds from TTS:IO and the founder. In its maiden exposure to the company, the California-based Sequoia Capital had invested $20 million in the company last year. The next round of funding is likely to come in the next seven to eight months.

    At present, Awfis has 25,000 seats across 55 centres in nine cities as compared to 5,800 desks across 20 centres in July last year. The company is aiming at 40,000 seats in next one year.

    “The goal is to reach 40,000 seats across 90 centres from current 25,000 desks over the next one year,” Amit Ramani told ET. “Deeper penetration into existing markets and expansion in new cities with a focus on tier-II locations will be our priority.”

    Pic Credit: Facebook/Awfis

    Ramani has also reportedly claimed to be taking a different route than what its rival, WeWork, is taking. WeWork entered India last year and currently has eight locations.

    Although Awfis has its halo-style locations, the company is experimenting with new ways by turning any vacant real estate into co-working space. Like, it has recently taken over unused retail space in malls and even one floor of a hotel while offering traditional-style office rentals to some customers.

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