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Awfis raises USD 20 mn to fund expansion

Awfis raises USD 20 mn to fund expansion
outlookindia.com
1970-01-01T05:30:00+0530

New Delhi, Jul 25 (PTI) Co-working operator Awfis today said it has raised USD 20 million (about Rs 137.57 crore) from a few investors, including Sequoia India, for expanding its operations.

Awfis currently has 55 centres in 9 cities, comprising about 25,000 seats with a member base of over 15,000.

"Awfis has raised an additional USD 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," a company statement said.

Sequoia Capital had invested USD 20 million earlier in Awfis as part of Series B funding, it added.

Awfis was jointly incubated by Amit Ramani and TTS:IO with a total capital investment of USD 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," the statement said.

Awfis Founder and CEO Amit Ramani said: "With the growing demand for co-working spaces, there is a focus on transforming under-utilised real estate assets and providing affordable work spaces for entrepreneurs."

The additional capital will be utilised to expand the footprint in India, he said, adding that the company is targeting to reach over 100 centres with more than 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," he added.


Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI

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