India’s Awfis raises $30M to grow its co-working spaces business – gpgmail


Speaking of businesses that operate co-working spaces in India, New Delhi-based startup Awfis announced today that it has raised $30 million in a new financing round to expand its footprint in the country.

The Series D round for the four-year-old startup was led by ChrysCapital. Existing investors Sequoia Capital India and The Three Sisters Institutional Office also participated in the round, the startup said. Awfis has raised $81 million to date.

Awfis operates in nine cities in India and has 63 centers. It currently has the capacity to accommodate 30,000 people across its centers. In an interview with gpgmail, Amit Ramani, founder and CEO of Awfis, said the startup will use the capital to add about 340 centers to accommodate 170,000 more people in the next one year and a half.

The startup currently operates two models: It works with landowners to use their workspaces and splits profits with them, and second, it serves as a management operator where it takes a cut of the revenue as its fee. Ramani did not disclose the financial performance of Awfis, but said the startup is aiming to go public in 2022.

Most of its customers today are either small businesses or corporate clients. Some of its customers include Vodafone, Reliance, Hitachi, Zomato, and Practo . It also offers a mobility solution for individuals who want to work from Awfis’ workspaces.

Kshitij Sheth, VP of ChrysCapital, told gpgmail in an interview that India is finally beginning to see a major boom in the co-working spaces culture. He said his team was impressed by Awfis’ quality services, business model, and ratings from customers.

India’s co-working space, still a relatively new business category in the nation, is worth $390 million — a fraction of the $30 billion office and commercial real estate business. Awfis today competes with a number of startups including GoWork, which announced $53 million in a debt financing round earlier today, 91Springboard, GoHive, and the global giant WeWork.

Fast-growing hotel lodging startup Oyo also recently entered the co-working spaces business with the launch of Oyo Workspaces. For the expansion, it acquired local player Innov8 for a sum of about $30 million to immediately establish presence in 10 cities in India with more than 20 centers.

But the competition does not necessarily worry Ramani, who said the market today remains largely untapped. “Competition is great. It helps educate the market. People have more choices.” Ramani is happy to compete with others on quality and service front, he said.


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India’s GoWork raises $53M in debt financing to expand its co-working spaces business – gpgmail


GoWork, a Gurgaon-based startup that runs a co-working spaces business in India, said on Tuesday it has raised $53 million in a debt round to scale its business in the country as competition in the market, including from recent entrant Oyo Rooms, intensifies.

The debt round for the two-year-old startup — not to be confused with an Indonesian startup with the same name that operates in the same space — was financed by a private fund managed by BlackRock’s Private Credit team and CLSA Capital Partners’ Special Situations Group, the startup said. Prior to today’s announcement, GoWork had raised an undisclosed amount from Nimitaya fund, a spokesperson told gpgmail.

Sudeep Singh, CEO of GoWork, said the startup will use the fresh capital, which will flow for the next two years, to expand its footprints in the country. GoWork plans to establish 50 centers across several major Indian cities by 2025, up from two it currently runs in Gurgaon.

In the immediate quarters, it plans to expand its accommodation capacity to 25,000 people, up from 12,000 currently. GoWork counts corporates such as Paytm Mall, CoverFox, and Impactify Consulting among its clients.

In addition to fast Wi-Fi, shuttle service, parking facility, cafe, and food court services it currently offers, the startup plans to include additional add-ons such as pet care facility and brewery in the coming months.

In a statement, Neeraj Seth, BlackRock’s Head of Asian Credit, said, “GoWork is taking the brick and mortar aspect of the co-working concept further, as well as consistent measures to enable young businesses to reach their highest potential. We look forward to GoWork offering optimal operational efficiency for all start-ups as well as corporates.”

India’s co-working space, still a relatively new business category locally, is worth $390 million — a fraction of the $30 billion office and commercial real estate business.

GoWork competes with a number of firms including hotel lodging startup Oyo, which last month entered the co-working spaces business with the launch of Oyo Workspaces. For the expansion, it acquired local player Innov8 for a sum of about $30 million to immediately establish presence in 10 cities in India with more than 20 centers. 91Springboard, Awfis, GoHive, and the global giant WeWork are also competing for a slice of the $390 million market.


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