Delhi-based Awfis Space Solutions Pvt Ltd, which offers shared working spaces, has raised $20 million (Rs 127 crore) in a Series B round of funding from Sequoia India, a company statement said.
The company will use the funds to expand its network of centres, launch new products and services, and enhance its existing technology platform, the statement added. In the next two years, the company plans to establish more than 100 centres with over 35,000 seats across Mumbai, NCR, Bengaluru, Chennai, Hyderabad, Kolkata, and Pune.
Delhi-based investment banking firm Maple Capital Advisors acted as the financial advisor for Awfis on this deal.
“Awfis is transforming under-utilised real estate assets and providing an affordable and exciting new age work environment for today’s entrepreneur. We believe that this will facilitate a change in preference of the conventional office user from traditional offices to new age co-working spaces,” Amit Ramani, founder and chief executive of Awfis, said in the press note.
Awfis was jointly incubated with a total capital investment of $11 million in April 2015 by Ramani and The Three Sisters: Institutional Office (TTS:IO), the family office run by Radha Rana Kapoor, Raakhe Rana Kapoor and Roshini Rana Kapoor, the three daughters…