Awfis Space Solutions Pvt Ltd, a fully tech-enabled workspace solutions platform, has raised INR 15 crore ($1.8 million) in a Series E1 round led by existing investor Bisque Limited. According to RoC documents, Bisque Limited invested INR 14.77 crore while Link Investment invested INR 23 crore.
Delhi-based Awfis had already secured INR 65 crore in its Series E round in June, taking the total raised in the round to INR 80 crore.
Founded in 2014, Awfis provides products across the spectrum of work requirements, including flexible workspaces, enterprise workspace solutions, design and build solutions (Awfis Transform), integrated facility management (Awfis Care) and remote work solutions (Awfis @Home).
Amit Ramani, founder and CEO of Awfis, said, “In line with its expansion plans in emerging metros, Awfis intends to establish a strong network in tier-II cities in the coming months. The company is targeting a two-fold jump in revenue to INR 600 crore in FY23 as demand for flexible workspace has increased following the second wave of the COVID-19 pandemic.”
It currently has a network of coworking spaces with 150 centres and 88,000 seats in 17 cities and will continue to strengthen its position across India to create a network of 200 centres by the end of 2022. Awfis has recently expanded to Kochi with a centre spread over 38,000 sq ft and located at Mezhukkattil Matrix, Chittoor Road.
It has also leased out over 0.1 million square feet of workspace in Kolkata to three major companies. Awfis currently has nine centres in Kolkata spread across prime and sought-after locations – including Acropolis Mall, Chowringee road and Salt Lake, among others – and plans to add two new centres in the next three months.
It plans to launch its initial public offering (IPO) in late 2023, primarily to raise funds and provide exits to investors, he said, adding that the company has so far raised about INR 450 crore from investors.