Co-working startup Awfis secures funds to expand its network of workspaces

Gurugram-based Awfis, a startup that rents co-working space to businesses, has secured $30 million in a Series D equity financing round led by homegrown ChrysCapital. The round has also seen participation from Sequoia Capital India and The Three Sisters Institutional Office.

The fresh capital will be used by the company to expand its network of workspaces and introduce new and innovative products and services. The Gurugram-based company will also use the funds to foray into tier-II cities like Jaipur, Ahmedabad, Bhubaneswar, Kochi and Indore.

Kshitij Sheth, Vice President at ChrysCapital, said, “Coworking has changed the way commercial real estate business is conducted globally and has picked up a lot of steam in India, with Awfis leading the disruption. Awfis’s sustainable approach to business, superior performance and strong customer focus have encouraged ChrysCapital to associate with them.”

Incorporated by Amit Ramani in 2015, Awfis began with a $11 million capital from TTS:IO and himself. So far, the firm has raised $81 million, including the latest investment, in the form of debt and equity financing.

Currently, Awfis rents 30,000 seats across 63 centres in nine cities. The firm at present has a member base of more than 25,000 professionals and over 1,500 firms.