Sequoia India has invested $20 million in Delhi-based Awfis Space Solutions, a network of collaborative co-working spaces, which has 21 centres across eight cities. The company also aggregates its spaces by partnering with hotels as a managing operator of their spaces, as well as with unused space owners.
“The funds will be used to grow its network of centers, launch new and innovative products and services, and further enhance the existing technology platform. 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,” Awfis says in its press release. Awfis allows booking of co-working, meeting and work space on a real time basis from its website and mobile app. The daily pricing starts at Rs. 300 per day and membership plans begin at Rs 4500 per month.
There are 140 players in the co-working space in India and Sequoia’s is the biggest investment in the space so far, according to Tech In Asia. Awfis claim 90% average occupancy across its centres and 500 clients that include PNB Parivar, ReNew Power, Zomato, etc, Amit Ramani, co-founder of Awfis, was quoted in the report. Snapdeal reported moving out of Awfis premises, earlier this month, in a cost-cutting move before its expected merger with Flipkart.
Awfis was founded in April 2015 by Ramani and The Three Sisters Institutional Office, led by Radha, Raakhe and Roshini Kapoor, the daughters of Rana Kapoor, founder and managing director of Yes Bank.