Coworking Space Provider Awfis Raises $20 Mn Series C Funding

25K Seats, 55 Centres And Counting

At present, Awfis claims to have about 25,000 seats across 55 centres. The member base at Awfis includes a growing network of more than 1200 companies ranging from India’s leading startups/MSMEs to Fortune 500 companies.

Apart from its own managed coworking spaces, Awfis also offers a repository of third-party meeting rooms in hotel chains such as Lemon Tree, Hyatt, and Trident, among others, across India. Awfis has a nation-wide network of 55 centres across nine cities and 45 micro markets.

Amit Ramani, Founder & CEO of Awfis said, “With the growing demand for coworking spaces, there is a focus on transforming under-utilised real estate assets and providing affordable workspaces for entrepreneurs. The additional capital will aid us in expanding our footprint in India with over 100 centres with more than 40K seats in the next 12 months. Our priority is to deepen the penetration in existing markets and enter new cities with a focus on Tier II locations.”

The Coworking Space In India

In the coworking space segment, Awfis competes with US-based coworking startup WeWork, BHIVE Workplace, Innov8, 91springboard, and Creator’s Gurukul, among others.

Recently, Creator’s Gurukul raised an undisclosed amount in a fresh round of funding and also went live with its flagship centre near Cyber City in Millennium City, Gurugram.

At the same time, Bengaluru-based IndiQube raised $15 Mn (NR 100 Cr) equity funding in a round led by WestBridge Capital.

In 2017, the size of the coworking market in India increased by more than 50%. JLL India said that by the end of 2018, India’s coworking market is expected to grow by 40% to 50%, reaching over 1 Mn square feet of leased areas with a total investment of $400 Mn.

Coworking space providers are expected to lease about 8 to 9 Mn square feet of the total workspace in India by 2020.

Notably, Delhi, Mumbai, and Bengaluru have the biggest concentrations of coworking spaces due to the growing number of startups — nearly 70% of India’s startups are based in this three cities.

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