India-Based Coworking Space Company Awfis Raises $30 Million

By Noah Long ● August 11, 2019
  • New Delhi-based Awfis announced it raised $30 million in Series D funding led by ChrysCapital

Awfis — a New Delhi-based startup that rents co-working spaces to companies — announced it raised $30 million in Series D funding led by ChrysCapital, according to Mint. Sequoia Capital and The Three Sisters: Institutional Office also joined this round — which is the family office of Yes Bank founder Rana Kapoor.

“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’ sustainable approach to business, superior performance, and strong customer focus has encouraged ChrysCapital to associate with them,” said ChrysCapital vice president Kshitij Sheth in an interview via Mint.

With this round of funding, Awfis is going to expand its workspace network, introduce new and innovative products and services, and enter the cities of Jaipur, Ahmedabad, Bhubaneswar, Kochi, and Indore.

Awfis was founded by Amit Ramani in 2015. And it started out with $11 million in capital from The Three Sisters and his own money. Including this round, Awful has raised $81 million in the form of debt and equity.

Currently, Awfis has a total real estate portfolio of about 2 million sq. ft. and is renting 30,000 seats across 63 centers in nine cities. And its sales nearly tripled to about $23 million USD for the year ended March 31 compared to the previous year.