Awfis, a Mumbai-based office space provider, has raised about Rs 128 crore from an American venture capital firm Sequoia India. With this new development, the company has raised a total of about Rs 200 crore. Earlier, it raised around Rs 72 crore from Radha Kapoor, entrepreneur daughter of YES Bank CEO Rana Kapoor.
The sharing space provider has planned to invest the fund into technology enhancement, new products and its network expansion program. The firm is going to increase their seat capacity to over 25,000 in the next 12 months along with 80 centres, says the CEO of Awfis, Amit Ramani.
Awfis has over 500 companies including small and medium enterprises (SME), startups, and corporates with the seat capacity over 7,500 at its 21 centres across 8 cities in India. The company is keen to expand the seat capacity to 35,000 along with 100 centres in next 18-24 months as there are demands of sharing space and ready-to-use workspaces from corporates, SMEs and start-ups.
“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,“ says Abhay Pandey, Managing Director at Sequoia Capital India Advisors.
Source: ET Realty