MUMBAI, India--(BUSINESS WIRE)--Awfis Space Solutions Pvt. Ltd., South Asia’s largest network of collaborative co-working spaces, has received an investment of USD 20 million from Sequoia India. The funds will be used to grow its network of centers, launch new and innovative products/services and further enhance the existing technology platform.
Working towards achieving its target of having an Awfis centre within a 10 minutes driving radius in each of the key metros, the company plans to establish 100+ centres with 35,000+ seats across Mumbai, NCR, Bengaluru, Chennai, Hyderabad, Kolkata, and Pune in the next 24 months.
Commenting on the investment, Amit Ramani – Founder & CEO, Awfis said, “We have seen a huge demand in the market for co-working spaces and have created a shared economy platform leveraging technology. Transforming under-utilised real estate assets and providing a new age work environment for today’s entrepreneur will facilitate a change in preference of the conventional office user from traditional offices to new age co-working spaces.”
Awfis was jointly incubated by Amit Ramani and The Three Sisters: Institutional Office (‘TTS:IO’) with a total capital investment of USD 11 million in April 2015.
Abhay Pandey, Managing Director, Sequoia Capital India Advisors, said, “Awfis is playing on two significant global trends - sharing economy and communities. This being delivered through a superior user experience at a lower total cost makes it more exciting. We are delighted to partner with Amit and team and TTS:IO in this journey.”
In a short span of two years, Awfis has shown remarkable growth and has achieved:
- A network of over 7,500+ seats across 21 centres in 8 cities across India
- An eclectic community of entrepreneurs, SMEs, freelancers and business corporates creating a thriving community of over 5,000+ Awfis members
- An average 90%+ occupancy across its centres
- ‘Just-in-Time’ booking platform
- Network of 500+ companies ranging from India’s leading startups/MSMEs to Fortune 500 companies
Awfis Space Solutions Pvt. Ltd. is aimed at providing ready-to-use Pro-WorkingTM office spaces, offering ‘Just in Time’ bookings. For more information visit www.awfis.com
About Sequoia India:
Sequoia helps founders turn imaginative ideas into enduring companies. As the “Entrepreneurs Behind the Entrepreneurs,” the Sequoia US team has worked closely with legendary founders such as Steve Jobs, Brian Chesky, Joe Gebbia and Nathan Blecharczyk, Brian Acton and Jan Koum, Len Bosack and Sandy Lerner, Sergey Brin and Larry Page, Reid Hoffman and Jeff Weiner. Our partner entrepreneurs in India include Amit and Anurag Jain, Girish Mathrubootham, Byju Raveendran, Jaspreet Singh, Darshan and Dipam Patel, Alan Mamedi and Nami Zarringhalam, Deepinder Goyal and Pankaj Chaddah among others.
Sequoia is now helping the next generation of innovators build the lasting companies of tomorrow. To know more about the Sequoia team in India and the companies we have partnered with, please visit www.sequoiacap.com/india.