Co-working operator Awfis plans to expand aggressively in Pune by tripling its number of centres to 21 over the next one year driven by huge demand for shared office space in the city from startups and corporates, a top company official said.
Awfis, which was founded in April 2015, entered Pune market 18 months back and has established seven centres with a seating capacity of over 4000. Now, it has chalked out a plan to add 8,000 seats more by opening 14 new centres over next one year.

Overall, the company has 55 centres, comprising 25,000 seats, across nine cities. A seat costs anywhere between Rs 5,000 and Rs 15,000 in its centres.

It posted a revenue of Rs 57 crore last fiscal and the same is expected to reach Rs 170 crore this financial year.
“Pune has proved to be an ideal eco-system of startup entrepreneurs, SMEs and corporates, where Awfis is determined to continue its growth trajectory and provide best in class shared workspaces to facilitate businesses. We aim to open 14 new centres over the next one year, taking the total capacity to 21 centres and 12,000 seats in this city,” Awfis founder & CEO Amit Ramani told PTI.
“We have recently tied up for one centre in Pune with over 600 seating capacity,” he said, adding that the company would soon lease space for other centres.

Awfis has opened its workspaces across all key business centres in the city and is catering to clients such as Vodafone, Hinduja Group and Michelin Tyres.

The company aims to create a strong ecosystem for corporates, SMEs and startups to nurture the spirit of innovation and enterprise in the region.

Sumit Lakhani, Chief Marketing Officer, Awfis, said “Pune is undoubtedly one of the fastest growing cities in India and is seeing a lot of demand for superior workspaces by MNCs, SMEs and startups.”

Awfis currently has centres in Bengaluru, Mumbai, Delhi, Gurgaon, Noida, Hyderabad, Kolkata, Pune and Chandigarh. In wants to expand operations in Tier II markets to achieve its target to establish over 200 centres with 1,00,000 plus seats by 2020.
The company had in July raised USD 20 million (about Rs 137.57 crore) from a few investors, including Sequoia India, for expanding its operations and could raise more if required. Since inception, the company has raised USD 51 million.

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Co-working operator Awfis today said it has raised USD 20 million (about Rs 137.57 crore) from a few investors, including Sequoia India, for expanding its operations.
Awfis currently has 55 centres in 9 cities, comprising about 25,000 seats with a member base of over 15,000.
“Awfis has raised an additional USD 20 million series C funding from marquee investors Sequoia India and Innoven Capital and The Three Sisters: Institutional office (TTS:IO) led by Radha Kapoor Khanna,” a company statement said.

Sequoia Capital had invested USD 20 million earlier in Awfis as part of Series B funding, it added.

Awfis was jointly incubated by Amit Ramani and TTS:IO with a total capital investment of USD 11 million in April 2015.
“The fresh capital infusion will be used to bolster and deepen the Awfis network across India, launch new and innovative products/services and further enhance the existing technology platform,” the statement said.
Awfis Founder and CEO Amit Ramani said: “With the growing demand for co-working spaces, there is a focus on transforming under-utilised real estate assets and providing affordable work spaces for entrepreneurs.
The additional capital will be utilised to expand the footprint in India, he said, adding that the company is targeting to reach over 100 centres with more than 40,000 seats in the next 12 months.
“Our priority is to deepen the penetration in existing markets and enter new cities with focus on Tier II locations,” he added.

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Shared workspace provider Awfis on Wednesday said it has raised $20 million in series-C funding from investors Sequoia India, Innoven Capital and The Three Sisters: Institutional Office (TTS:IO) led by Radha Kapoor Khanna.
With the funding, Awfis – which currently has 1.5 million sqft across India on lease – hopes to launch new products and services and enhance its technology.

Awfis was jointly incubated by Amit Ramani and TTS:IO with a total investment of $11 million in April 2015. Sequoia Capital subsequently invested $20 million in Awfis as part of its series-B funding.

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