Awfis Space Solution Pvt Ltd, Delhi-based startup which offers working spaces, has acquired a fund of $20 million in its series B funding round driven by capitalist Sequoia India.
Funds will be utilizes for technology enhancement
With the utilization of this funding, company is intended to enhance its technology, its network of centres and propel new products as well as services.
Company also concern for business expansion
It is also seeking towards expanding its business to more than 100 new centres with over 35000 seats including NCR, Bangalore, Hyderabad, Chennai, Mumbai, Pune, and Kolkata in coming two years. During the deal Maple Capital Advisors, Delhi-based investment banking firm, remained its financial advisors.
Awfis will offer a new working environment to entrepreneurs
Founder and chief executive of the company, Amit Rana made a statement in a press note that,
“Awfis is transforming under-utilised real estate assets and providing an affordable and exciting new age work environment for today’s entrepreneur. We believe that this will facilitate a change in preference of the conventional office user from traditional offices to new age co-working spaces”.
Founders of Awfis
Awfis was mutually founded by the TTS:IO three sisters: Institutional office and Ramani with a total investment of $11 million in April month of 2015. TTS:IO stands for Three Sisters: Institutional Office which is a family office run by the three daughters of Rana Kapoor, Founder and managing director at Yes Bank: Raakhe Rana Kapoor, Radha Rana Kapoor, and Roshini Rana kapoor.
The startup has build a network of more than 7500 seats over 21 centres in eight cities of India in just two years of its operation. The company has over 90% occupancy in its centers with over 500 members including start-ups, Fortune 500 companies and MSMEs.
It also lists third party unused spaces on its site. For instance, you can book rooms or hotels for meetings through Awfis, like Hyatt, Lemon Tree Hotels, Sarovar, Marine plaza, Beatles, etc.
Awfis has two business models
Firms involved in co-working space firms have mainly two business models.
- First one of the model includes the services offered by the startup to either lease or purchase an office space.
- Another model criterion includes that startups use space within cafes, restaurants, and other public spaces as working areas. Some startups like Colife, Innov8, InstaOffice, 91Springboard, etc, are following the former model whereas myHQ like startups follow the second one.
Awfis acquires mixtures of these two modules in its operation and deals.
Fund Raises By Other Co-Working Space Startups
There are some other co-working startups that have raised funding. One of them is The Office Pass that acquired $245000 in seed funding round from a group of investors driven by former managing director of Yahoo India and Southest Asia, Arun Tadanki.
Well Innov8 is another one who has got an angel funds from Paytm’s Vojay Shekhar Sharma, Venture Capitalist, Google’s Rajan Anandan, etc, from Lets Venture Platform in February.
While in January, InstaOffice has also got a pre-series A funding by Globevestor, online venture capital platform and some other angel investors.