New Delhi based Awfis, the co-working solution provider startup has announced picking up $30 million as part of Series D financing led by Mauritius-based Chrys Capital. Existing backers of the firm, Sequoia Capital India and The Three Sisters Institutional Office which consists of the three daughters of Yes Bank founder Rana Kapoor, Radha Rana Kapoor, Raakhe Rana Kapoor, and Roshini Rana Kapoor.
Prior to this round, Sequoia Capital India and Yes Bank had led the Series C financing for Awfis in May earlier in the year. The current infusion takes the total amount secured by the company to $81 million. InnoVen Capital is another investor in the firm. Maple Capital Advisors acted as the financial adviser for the deal.
Awfis was founded in 2015 by Amit Ramani, and Sidharth Menda, the company has a presence in nine Indian cities across the country where it has 63 centers. The platform has more than 30,000 seats across those centers. The startup claims to have over 1,500 companies across categories like corporates, startups, SMEs/MSMEs, and large enterprises. Big players like Syngenta, Dun & Bradstreet, Duff & Phelps, Hinduja Global Services, Vodafone, Reliance, Hitachi, Blazeclan, Zomato, and Practo are among the clientele of the firm.
Amit Ramani, the founder, and CEO of the firm talking about the funding and how they are going to use the funding said, "The additional capital raised will support us in expanding our footprint in India with 400 plus centers and 200,000 seats over the next 36 months. Our focus is to fortify our base in Tier-I cities and further enter newer markets with expansion into Tier-II cities."
Sequoia Capital India Advisors principle Ishaan Mittal commenting on the funding said, “Sequoia has invested in companies capturing the shared economy market across the world -- Airbnb, Uber, and Ola are just some examples. Commercial real estate is as large a market, if not larger, than any other sharing economy."
Image Courtesy : awfis