From beer-on-tap to testing an app for a donut, here’s how co-working spaces are bidding traditional offices goodbye

09 May 2019

From beer-on-tap to testing an app for a donut, here’s how co-working spaces are bidding traditional offices goodbye

  • Business Insider

Dhruv Mullick, a sports management professional who handles Mayank Agarwal, the Indian test cricketer, used to work out of a Starbucks in Bengaluru . But one day when he had to sign a confidential legal contract, he needed an office space. He walked into WeWork in Churchstreet, Bengaluru, signed up for a membership for half a month in December, 2018. Today, he runs a business out of there.

American entrepreneur Carolyn Horner needed to do a beta testing for her app, all she had to do was look across the room, offer a free donut and in return get real-time validation for her product. Horner, the co-founder of Jenzy, an app that makes it easy for parents to find the right fit shoes for young children, could do all of this just by sitting at her desk at WeWork in Philadelphia.

Mullick and Homer are among many entrepreneurs who have embraced co-working around the world for their many benefits, ranging from affordability to a chance to network to finding business deals.

In India, co-working spaces have opened up in almost every other corner of big cities and are now also entering Tier 2 and 3 cities in India. They have found favour with entrepreneurs mainly for convenience, affordability, and a place to network and become a part of a community, without having to invest in real estate.

With seat prices starting as low as ₹7,000 a month at some places, many of these places can be a steal for business owners. According to a report done by property consultant Knight Frank, as of 2018, there were about 200 co-working spaces in India, with the likes of WeWork, Regus, Awfis etc., being the most popular.

Such has been the craze of co-working spaces in India, that WeWork which launched in the country in 2017, already contributes to ₹6,788 crore of Gross Domestic Product (GDP) across its centres in Delhi-NCR, Mumbai and Bengaluru.

Not just seat sharing

But co-working spaces are evolving from being just seat sharing office spaces to a hub of mentorship from experienced professionals, giving entrepreneurs a chance to test their products before it goes live or just fall back on their peers when they are at a fix.

Many co-working spaces also encourage networking events which also include beer-on-tap, creating a fun work environment, one which millennials love.

And Amit Ramani, CEO of Awfis points it out – a millennial wants a break every hour and a half. “The fundamental question is if an office just has a meeting room and seats, where does that millennial go? The infrastructure with new age technology has even attracted corporates to co-working spaces – which offer activity-based settings,” Ramani told Business Insider.

Infrastructure happens to be the key attraction of a co-working space. Mishu Ahluwalia, Founder & CEO, GoHive, a co-working space based out of Delhi NCR, believes that in a co-working environment a startup gets open access to a whole pool of networks which they can leverage for mentorship, vendor empanelment, recruiting and peer to peer learning.

The model has worked so well that now co-working spaces are making money off offering services and building partnerships with corporates.

Visit the below link to read the entire article: https://www.businessinsider.in/wework-https://gomile.awfis.com/inspiration/wp-content/uploads/2016/06/shutterstock_3835072871.jpg-regus-how-co-working-spaces-are-more-than-rental-offerings-for-entrepreneurs/articleshow/69244277.cms

This co-working space achieved profitability in just two years and is now aiming for an IPO

24 October 2019

This co-working space achieved profitability in just two years and is now aiming for an IPO

  • Posted by Awfis Editorial
  • In an interview with Business Insider, Amit Ramani, CEO, Awfis, talks about how they achieved profitability so soon.
  • Awfis recently raised a Series D funding of $30 million from marquee investor ChrysCapital along with existing investors Sequoia India.
  • According to reports, it plans to list by 2022.

 As gig economy in India expands and agility is becoming common even amongst large established companies – co-working spaces have started mushrooming. Even in this crowded segment, Awfis is growing fast. It has also managed to clock in profits within two years of operations.

It recently raised Series D funding of $30 million from marquee investor ChrysCapital with participation from existing investors like Sequoia India & The Three Sisters: Institutional Office.

With this latest funding, Awfis plans to bring out new tech-driven innovative products and foray into Tier II markets like Jaipur, Ahmedabad, Bhubaneshwar, Kochi and Indore. It is already present in Chandigarh.

The company also aims to go public by 2022.

 Exponential growth

Awfis also achieved a rare feat for a startup, which is profitability within two years. In the very first year of operations in FY16, its revenues was at ₹1 crore. In the very next year, the number touched ₹18 crore. In the next, its exponential growth swelled it to ₹56 crore. In the current financial year, it expects it to more than double it.

“We have been growing three times every year, despite also adding seats and increasing our size,” Amit Ramani, CEO of Awfis told Business Insider India.

Profitability has always been core to its strategy. “We were deeply invested in the unit economics of each centre and were very careful not to overbuild the capacity of our staff or go overboard on marketing,” he said.

Ramani said that they now aim to expand to 200,000 seats by 2022. Currently, they have 30,000 seats across 63 centres in 10 cities.

Not just for startups

The company also discovered a new set of clientele. While most co-working spaces tend to target startups, Awfis realised that the Indian SMEs are in need of their services.

“While most co-working spaces look at just startups which are 10% of the total requirement of office space, 60-70% of SMEs remain underserved. So, we give SMEs an upgrade while also saving them money,” said Ramani.

Ramani said that when he had built the-proof-of-concept for Awfis in April 2015, it had three basic principles – bring flexibility back into real estate, provide accessibility as people’s lives are becoming very mobile and ensure transparency, with all discoverability and bookability being on an app allowing people to book on-the-go.

Read more at:
https://www.businessinsider.in/business/startups/news/https://gomile.awfis.com/inspiration/wp-content/uploads/2016/06/shutterstock_3835072871.jpg-coworking-space-race-to-profitability-and-now-an-ipo/articleshow/71591116.cms

 

Awfis Is Making Sure That Employees Work Every Minute Of The Working Hours

03 November 2016

Awfis Is Making Sure That Employees Work Every Minute Of The Working Hours

  • Posted by admin
Asia’s biggest co-working space, Awfis with 2,500 seats is not just changing the way we work but is making sure we actually work.

Awfis recently launched a mobile office which is typically a van equipped with all the features you need on-the-move to work. Facilities like Wi-Fi; teleconferencing, printing, CCTV ,pantry and even a meeting table for their partner companies that want the employees’ commute time to be used productively. Now, that’s effective considering if you are forced to commute to Gurgaon or Greater Noida for work and you live in Delhi, the commute time can easily range between 2-4 hours every day, to-and-fro.Amit Ramani, CEO, Awfis Space Solutions caught up with Business Insider to tell us how Awfis is making sure that people ACTUALLY WORK at the office. ‘We are providing real-time analytics to companies that want to know if their employees are actually working out of our co-working space.’ Awfis has many companies like Snapdeal, Renew Power, FICCI etc. are taking up seats at the co-working facility to give their employees an option to work near-home.

The employees can be tracked through CCTV cameras, in-out times and of course through Wifi usage. Good day for the honest workers.

All of this to ensure that you are working, at your convenience.
Sadly for workers, traffic jams and bad connectivity can no more be valid excuses for missed deadlines.
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Five funky co-working spaces that will give you a taste of the Silicon Valley

20 July 2016

Five funky co-working spaces that will give you a taste of the Silicon Valley

  • Posted by Awfis Editorial

Not all great ideas need to come out of a garage or your parent’s dingy basement; we have found just the perfect work spaces that are certain to get your creative juices flowing. With the ever buzzing start-up market in India, it is only natural that you imbibe some of the best qualities of the Silicon Valley, one such idea is a Co-working space. But the ones listed here are nothing like your routine office desk or cabin, these spaces will certainly blow your mind.

Awfis CP Collab Zone

 

You can start working the moment you are done being fascinated with how fun and quirky this co-working space is. Here you get benefits of using custom-sized multi-location workspaces on a flexible lease tenor ranging from an hour to up to 1 year (or more) depending on your work requirements. You can find, review, book work spaces in their owned/managed centers through their Awfis app, they can also get you access to third-party meeting rooms in hotels across Indian cities.

Awfis Powai Flex Zone

 

All professional amenities are offered at Awfis centres like Wi-Fi, meeting room, printing etc. They are available all across India with their centres in Delhi, Mumbai, Bangalore etc. Depending on where work takes you, you can have offices at multiple locations. Most of the centres of Awfis are around business hubs so that it’s easier for your client or customer to visit you.

Awfis Activity Zone

You can get a work station starting from Rs 4,500 per month to Rs 13,000 for a private cabin seat per month. You can also book a space for a day for Rs 300.

This Awfis coverage appeared in Business Insider on July 19, 2016 under the title ‘Five funky co-working spaces that will give you a taste of the Silicon Valley’. You can read the story at http://www.businessinsider.in/Ecosystem-for-start-ups-is-buzzing-with-action-has-led-to-some-really-cool-co-working-spaces-across-the-country/articleshow/53283693.cms

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