Awfis Earned Revenue of 160 crore and Expect it to Increase to More than 300 crore for the Next Fiscal Year

20 December 2019

Awfis Earned Revenue of 160 crore and Expect it to Increase to More than 300 crore for the Next Fiscal Year

  • BWDisrupt

Headquartered in New Delhi Awfis Space Solutions was founded in 2015 by Mr Amit Ramani. It currently has 63 centres and 30,000+ seats across 9 cities. Awfis is focused on redefining the way work gets done in the current business environment, by providing an ecosystem of inspiring workspaces for the innovative freelancers, entrepreneurs and corporates for their changing business needs. With a total member base of 1500+ companies and 25,000+ professionals ranging from India’s coolest start-ups to Fortune 500 companies. Awfis curates 500+ exclusive events, workshops and experiences every year for its community members. Under its Rewards Program, Awfis has curated 100+ strategic partnerships that provide its community members seamless access to leading service providers in the fields of accounting, legal, recruitment, payments, web services, mail management, healthcare and insurance etc. making it a one-stop-shop for all requirements of an emerging corporate’s set up.

At Awfis, they operate using either – Straight Lease model or Managed Aggregation Model. Right now, only 30% of their seats are under a straight lease model wherein they have taken up the property on a rental basis. They heavily engage with landlords under their Managed Aggregation Model (MAM). Managed Aggregation Model (MAM) is where Awfis ties up with landlords of underutilized commercial spaces and shares the revenue with the landowner. Currently, 75% of seats are under ‘managed aggregation’ model and Awfis intends to increase this to 85% in the next 10-12 months.

Awfis made a significant dent in the Indian co-working space right when the start-ups and SMEs saw a massive surge in India given the influx of foreign funding and push from the government. Awfis started its business as solution providers in the real estate market. With rapid urbanization, burgeoning traffic, increased travel times, ‘Anywhere workspace’ became the new normal.

“The idea germinated during my consulting days when alternative office solutions were the need of the hour and these solutions were widely accepted in global markets by leading corporates. We started our business with the goal of providing new age and technology-enabled workspaces that provide a superior alternative to owning conventional offices.” says Mr Amit Ramani, CEO & Founder of Awfis.

At Awfis, they are committed to bridge the existing Commercial Real Estate (CRE) gap in India by transforming commercial assets into Grade A workspaces and making them accessible at affordable prices. The aim is to provide a commercially viable solution to the workforce of India owing to the highly price-sensitive and extremely rational Indian consumer.

Awfis has been able to build a niche for itself and stand apart within the ever-evolving ecosystem, largely owing to its commitment towards providing high-grade workspaces and amenities at affordable prices. They understand India’s market and its key challenges from a commercial real estate perspective. They are more value-driven and are betting on that for a much larger market share. They have been able to successfully identify CRE assets, collaborate with landowners and deliver Grade A workspaces in a value-driven manner. They also have a range of ‘Mobility Solution’ products for today’s work-on-the-go population along with their newly launched product ‘Awfis Enterprise Solutions’ that caters to corporates, startups and SMEs supporting them to set up their head offices & satellite offices with us. They have efficiently deployed their resources to meet their business requirements ensuring the best quality of workspaces provided.

“We offer an array of seats which cater to 1 hour of meeting room requirement to a 1000-seater long term requirement of a larger enterprise. The products that we offer include Coworking products like fixed seats, flexible seats, private cabins; Mobility Solution products like Virtual Office, National Pass, Awfis Roaming & Bulk Meeting Room Hours; and Enterprise level integrated solutions that come under Awfis Enterprise Solutions (AES).  Apart from these products, we build additional seat revenue through in-centre F&B sale, IT services etc.” adds Mr Amit Ramani, CEO & Founder of Awfis.

The coworking industry in India is at its peak and is on its way to transforming into a mainstream segment. The millennial workforce is ever-evolving and over 13 million people are expected to work out of coworking centres by 2020 in India, with many corporates expected to allocate 10% of their office portfolio to agile workspaces Also, along with metros have witnessed great demand, Tier-II cities are expected to come to the fore, with studies suggesting that these markets are estimated to grow to 8.5 mn seats by 2020.

The journey of Awfis growing from 5,800 desks across 20 centres in July 2017 to 30,000 seats across 63 centres in 2019 is a clear indicator of the growth. They have 25,000 community members and 1500 companies spread across 9 cities in India. They are committed to consistently gratify their user base by ensuring complete transparency while enhancing relationships with both internal and external stakeholders. They intend to foray into their B2B venture to broaden their reach in the segment.

This is an authored article by Mr. Amit Ramani, Founder & CEO, Awfis. This article was originally published at: http://bwdisrupt.businessworld.in/article/Awfis-Earned-Revenue-of-160-crore-and-Expect-it-to-Increase-to-More-than-300-crore-for-the-Next-Fiscal-Year-/29-11-2019-179568/

Coworking Space Provider Awfis Raises $20M in Series C to Launch 100+ Centres in Next 12 Months

26 July 2018

Coworking Space Provider Awfis Raises $20M in Series C to Launch 100+ Centres in Next 12 Months

  • Posted by Awfis Editorial

Awfis, India’s largest shared workspace provider, has raised an additional $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. Sequoia Capital has also invested $20 million earlier in Awfis as part of Series B funding.

Awfis was jointly incubated by Amit Ramani and The Three Sisters: Institutional Office (TTS:IO) with a total capital investment of $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.

In the last fiscal year, Awfis has scaled up to 25000 seats across 55 centres with a member base of 15,000+ as compared to 5,800 seats in 20 centres with a member base of 4000+ in July 2017. The member base at Awfis includes a growing network of 1200+ companies ranging from India’s leading startups/MSMEs to Fortune 500 companies, including Hinduja, Vodafone, Mercedes Benz, RBI, Hitachi, ShareKhan, Zomato, Practo etc. operating from various Awfis centres.

Amit Ramani, Founder & CEO of Awfis said, “The additional capital will aid us in expanding our footprint in India with 100+ centres with 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.”

“We are extremely pleased with the progress Awfis has made over the last 3 years to emerge as the largest player in the Indian co-working space with over 25,000 seats. We are glad to back Awfis in this round and help further expand its leadership position through its innovative and asset light business model,” as quoted by Radha Kapoor Khanna, Creative Entrepreneur & Founder, TTS:IO.

With an aim to continuing to retain its leadership position and as part of aggressive expansion strategy, Awfis has inked lease deals totalling to 0.25m sq. ft. in the last 60 days across Hyderabad, Kolkata, Chandigarh and Noida. The company currently has a total RE footprint of 1.5 million sq. ft. across all existing markets in India. Awfis has a nation-wide network of 55 centres across 9 cities and 45 micro markets.

Apart from its own proprietary centres, Awfis also has a unique, asset light ‘managed aggregation’ model – partnering with space owners who have unused commercial space and transforming them into suitable workspaces. Under this model, space owners get higher returns to commiserate the risk (20% – 40% higher than market returns). Future growth for Awfis is driven via this model and the company intends to maintain 60% of inventory under Managed Aggregation model and 40% under Straight Lease model. Awfis is aggregating underutilised spaces in hotels and malls and converting them into shared workspaces.

The company claims to have a successful shared economy business model that not just provides a network of ready to use workspaces across India, but also offers value driven services that can be booked ‘just-in-time’ through its website and mobile app. Awfis has formed 100+ strategic partnerships that provide its community members seamless access to leading service providers in the fields of accounting, legal, recruitment, payments, web services, mail management, healthcare and insurance etc.

Awfis competes with the likes of BHIVE Workplace, Innov8, 91springboard, IndiQube, Creator’s Gurukul, and US-based coworking startup WeWork, among others. Recently, Bengaluru-based IndiQube raised $15 million (Rs 100 Cr) equity funding in a round led by WestBridge Capital.

Read the online article here –
http://bwdisrupt.businessworld.in/article/Coworking-Space-Provider-Awfis-Raises-20M-in-Series-C-to-Launch-100-Centres-in-Next-12-Months/25-07-2018-155812/

AWFIS Enters Hyderabad, Also Plans to Open 5 More Centres Over the Next 6 Months

16 March 2017

AWFIS Enters Hyderabad, Also Plans to Open 5 More Centres Over the Next 6 Months

  • Posted by Awfis Editorial

The new AWFIS Centre comes fully equipped with hi-tech technological facilities like Video Projection, NFC Cards, CCTV, High Speed Internet and Laser Printing.

India’s co-working space segment, AWFIS Space Solutions entered Hyderabad with their newest centre at Taj Deccan. The new pro-working centre which houses 167 workstations, 1 meeting room and 2 meeting lounges is located at a prime business district in Banjara Hills. The new AWFIS centre provides premium cabins, fixed desks, meeting rooms to SMEs, startups, solopreneurs and corporates.

AWFIS@Banjara Hills will offer flexi work stations starting at INR 350 per day, fixed seats at INR 750 per day, private cabins starting at INR 13000 per month and meeting rooms at INR 600 per hour. Members can select different packages basis number of seats and hours.

The new AWFIS Centre comes fully equipped with hi-tech technological facilities like Video Projection, NFC Cards, CCTV, High Speed Internet and Laser Printing. Booking is quick and easy with just-in-time reservation through AWFIS mobile app. Members will receive advantages ranging from using the location as their official business address and to host events. The package includes fixed workstations & storage units, housekeeping support and a fully equipped pantry and cafeteria.

Commenting on the newest centre, Mr. Amit Ramani, Founder & CEO, AWFIS said, “ This is our latest addition to the expansion plan in the south and we are delighted to have partnered with leading hospitality brand TAJ GVK. Our new centre sits in the lap of luxury in Hyderabad at Banjara Hills offering fully equipped, ready to use work spaces which can be booked just in time through the Awfis mobile app. Marking our entry in Hyderabad, Awfis@Banjara Hills will cater to the growing startups in the city as well as to the surging demand for flexible, just-in-time office spaces.”

Mr. Sumit Lakhani, Marketing Head, AWFIS Space Solutions further added, “India is witnessing a revolution in start-up and entrepreneurial culture, triggering a rise in the mobile working population. Over the years there has been a steady rise in demand for affordable co-working spaces among an eclectic community comprising startups, freelancers, SMEs and large corporates looking for a single workstation or hundreds, for a day or for years. With the launch of the new Pro-working Centre at TAJ Deccan, AWFIS will set a new benchmark of converting underutilized spaces in premium properties for the benefit of the startup community looking for affordable yet premium addresses for setting up office.”

Representing Taj GVK Hotels & Resorts Ltd, Mr. Mohan Chandran – Director Operations and GM – Taj Krishna said, ““We are very excited at this partnership with AWFIS – more and more we note requests for such office spaces – flexible enough to accommodate one person or a small team, for a few weeks or a few months and AWFIS has a model that is cost-effective to the user!”

The elegant TAJ Deccan is situated in Hyderabad’s prime location, Banjara Hills, offering a welcome respite for both leisure and business travellers alike. Spread over 6 acres of landscaped gardens, it is conveniently located 35-40 minutes away from the International Airport and 5 km from the railway station. With the best-in-class features and high-end services, TAJ Deccan is the essence of class and sophistication.

Pro-working Spaces involves shared working environment, yet independent activity. Unlike the typical office environment, a co-working space is generally shared by individuals from different organizations and professions. The fixed desk spaces and premium cabins at the TAJ Deccan offer pedestal storage, whiteboards and pin-up boards while flexible desk spaces are spread across the community table setup.

(This Awfis coverage appeared on BW Disrupt under the headline “Awfis enters Hyderabad, plans to open 5 more centres in the next 6 months” on March 11, 2017. You can read the full story here: http://bwdisrupt.businessworld.in/article/AWFIS-Enters-Hyderabad-Also-Plans-to-Open-5-More-Centres-Over-the-Next-6-Months/11-03-2017-114253/ )

AWFIS Launches Coworking Centres in New Delhi

26 April 2016

AWFIS Launches Coworking Centres in New Delhi

  • Posted by Awfis Editorial

India’s largest Co-working company, AWFIS Space Solutions has entered the city of New Delhi by offering a seat for an attractive price of only Rs.300 per person per day in key commercial locations which include South Extension and Vasant Kunj.

India’s largest Co-working company, AWFIS Space Solutions has entered the city of New Delhi by offering a seat for an attractive price of only ?300 per person per day in key commercial locations which include South Extension and Vasant Kunj.

Co-working or Shared offices provide professionals who are on the move within a city as well as between cities with a shared working environment, as well as flexibility for independent activity across the country. The product is targeted at start-ups, SMEs, mobile professionals, as well as lawyers, CAs, journalists amongst others who are looking at value for cost effective work and meeting spaces.

AWFIS is the first company in this space which has introduced a simple mobile app that enables users to find and book office and meeting spaces in its centres across the country. Just like taxi booking apps, users can book workspaces and meeting rooms on a real time. Bookings can be made for durations ranging from 1 hour to 11 months.

It has also introduced another major innovation for its users.  Apart from its own managed pro-working spaces, Awfis is offering a large repository of listed third-party meeting rooms in hotels in various cities which can be booked on real time basis in a matter of seconds.

AWFIS has already tied up with leading hotel brands like Lemon Tree Hotels, Hyatt, Trident amongst others across India, for booking of their meeting rooms in business centres.

Commenting on the launch of AWFIS co-working spaces, Mr. Amit Ramani, Founder & CEO, AWFIS Space Solutions Private Limited said, “India is currently witnessing a revolution in the start-up and entrepreneurial culture, triggering a rise in the mobile working population. We are in process of creating the largest network of managed work spaces and meeting rooms that will enable users to find a space within a 10 minute driving distance across all major metros. The Anytime, Anywhere network of spaces will provide the ability to work near home to the young Indian workforce”

AWFIS is also partnering with India’s leading real estate companies and hospitality players, and aggregating the under-utilized work-spaces, meeting rooms, for creation of Awfis centres. All the centres and managed and operated by Awfis providing a consistent and streamlined customer experience.

Awfis is offering truly flexible and cost effective membership plans and workspace options. User can choose to work from a flexible workstation, a dedicated seat or from a shared cabin. The pricing starts from Rs.300 per day for a flexi work station to Rs.650 per day for a fixed work station. The monthly pricing starts from Rs.5,000 to Rs.11,000 per seat per month for flexi and fixe work stations respectively. The pricing is inclusive of all amenities like unlimited internet, hot beverages, meeting and printing credits.

Awfis centres provide young and energetic environment with activity based settings allowing its users to maximize their productivity. The contemporary interior designs of AWFIS Centres have been conceptualized by leading design and build partner, Nelson India.

To bring in more value to the customers, the start-up has formed strategic alliances with leading service providers in the space of accounting, legal, recruitment, insurance, web services and a bouquet of essential services that allows them to avail discounted and preferential access to their services.  AWFIS is also providing a platform for its community members to regularly interact, network as well as share ideas at events and seminars.

Just nine months since its inception Awfis has already catapulted itself into the largest player in the co working space in the country. It is now on track for a threefold increase in its capacity from 1500 seats currently in 7 centres operational across Mumbai, Delhi and Bengaluru to over 3000 seats by the end of March 2016 across 15 centres in Mumbai, Delhi and Bengaluru. Awfis has targeted 10,000 seats by the end of the year across 50 centres in seven cities.

To support its aggressive growth plan the company has already invested $3 million last year and have committed a total of $10 million investment to expand its business.

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