Awfis Coworking Takes Up 3 Lakh Sq Ft Space on Lease Across 5 Indian Cities
The largest coworking firm in India, Awfis has taken up 3 lakh sq ft office space across Pune, Bangalore, Noida, Chennai and Gurgaon. These areas are acquired on a lease to implement the plan of expanding across India. Furthermore, Awfis plans to build eight centres in these cities. In the past years, it has grown to become a leading coworking company in India. With these eight centres, its total office spaces will be 63. In addition, the tenure of these leases ranges from five to nine years. From its existing investors (Sequoia Capital, The Three Sisters: Institutional Office and Temasek Group company InnoVen Capital), it had received funding of $20 million. That is to say, they raised this amount in order to support the expansion plan. Prior to this, Awfis had raised $31 million in two rounds.
Awfis’s expansion strategy
Owing to Awfis’s strategic plan which was devised beforehand, the expansion throughout the nation should not come as a surprise. The plan is to double its seats every year. As a result, they want to reach their set target of 2 lakh seats by 2021. Let’s take a look at some figures to make a note of Awfis’s growth rate till now. Notably, in July 2017, it was providing a total of 5,800 seats and now that count has reached up to 30,000 seats. That is some major development. Also, the goal is now to reach a mark of 50,000 seats by the end of this year. Another noteworthy point about Awfis is that rather than setting up in large hubs, it has spread its roots to cities and small areas. Unlike other coworking space providers. Also, its largest centre is located in Hyderabad. So, Awfis is not running a rat race rather it’s exploring all the options.
- Awfis has taken more space on lease across five centres in India
- This development is another step towards reaching its expansion goal of 50,000 seats
- The latest investment of $20 million will be used for its growth plan
More about Awfis
Amit Ramani founded Awfis in the year 2015. It is the largest coworking space provider in India with 55 centres. Apart from this, it also offers the service of third-party meeting rooms in hotel brands like Hyatt. In addition to this, they have brought a change in the traditional working environment. For instance, the trend of working in a collaborative environment for flexible hours.
With so many coworking spaces teeming up at several locations the competition has enhanced. To emphasize, it has been estimated that by the end of 2020, 13 million people in India will be working in shared spaces. This explains the aggressive growth rate of Awfis. It’s all about making to the top of the list.
