India’s largest co-working space provider Awfis Space Solutions has secured funds amounting to $20 million in Series C funding round. The round was led by company’s existing investors global venture capital firm Sequoia Capital, The Three Sisters: Institutional Office led by Radha Kapoor and Temasek Group company InnoVen Capital.
The funds raised through the latest funding round will be utilized for the expansion plans and the company will follow a managed-aggregation model approach to ensure better capital efficiency. Awfis Space has now increased up to 25,000 seats across 55 centres compared to 5,800 desks across 20 centres in July last year.
“The goal is to reach 40,000 seats across 90 centres from current 25,000 desks over the next one year. Deeper penetration into existing markets and expansion in new cities with focus on tier-II locations will be our priority,” Amit Ramani, founder of Awfis said.
Incorporated in 2014, Awfis Space Solutions provides fully furnished office spaces for rent in Delhi, Mumbai, Pune, Bengaluru, Gurgaon, and Hyderabad as of now. The company has its headquarters in New Delhi. 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. The company has also partnered with leading hotel chains, banks and commercial space owners and aggregated a wide network of high-quality meeting rooms, which can be booked through easy to use web/mobile app.
Before this funding round, the company had raised $31 million through two rounds from TTS:IO and founder Amit Ramani. After the latest funding round, the market valuation of the company has reached over Rs 900 crore. This investment will help the company in funding its next growth phase.