Coworking Startup Awfis Raises $30 Mn in Series D Funding round

Coworking Startup Awfis logo

Delhi-based Coworking Startup Awfis raised this funding in Series D round led by ChrysCapital and existing investors Sequoia Capital and the Three Sisters Institutional Office.

AWFIS founded in 2015 by Amit Ramani, the startup has more than 30,000 seats, in 63 centers across nine cities.

Coworking Startup Awfis has raised a total of $73.6M in funding in 4 rounds from five investors. Their latest funding was raised on Aug 6, 2019, from a Series D round. In May 2019, Company raised $250M in Series C funding round led by Sequoia Capital and Yes Bank.

Co-working space provider startup AWFIS offers spaces to the Indian startups, freelancers and entrepreneurial communities.

AWFIS provides workspace to freelancers, SMEs and enterprise clients. StartUp AWFIS is servicing to 1,500 clients, including big companies like Vodafone, Reliance, Hitachi, Zomato, Practo, Blazeclan, Syngenta, Phelps, Hinduja Global Services, etc.

 Awfis  coworking place
Awfis coworking place

Awfis technology platform enables users to book work-desks, private cabins, meeting rooms, business centers across India on a just in time basis, for a flexible period ranging from 1 hour to 1 year.

Awfis partnered with leading hotel chains, banks, and commercial space owners, and aggregated a wide network of high-quality meeting rooms, which can be booked by easy to use web/mobile app.

The coworking business model is booming India in recent years and many players like myHQ, 91springboard, BHIVE WORKSPACE, GoHive, GoWork, Innov8, are in the field.

In last year, SoftBank-backed OYO Hotels & Homes acquired a majority stake in co-working space provider Innov8 for an estimated Rs 200-Rs 220 crore.

Market overview:

The potential market size of co-working across India is expected to be 13.5 million users by 2020 about half of which will be from enterprises, which are expected to take up 10.3 mn seats.

Freelancers and Small & Medium Enterprises (SMEs) are expected to contribute 1.5 million users worth of demand, while it is anticipated that startups will demand up to 100,000 seats by 2020.

A report further indicates that the top six cities will require an estimated 5 million seats in co-working spaces, 8.5 million of the projected demand will be in Tier 2 and 3 cities.

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