ChrysCapital leads $30 million round in Awfis

06 August 2019

ChrysCapital leads $30 million round in Awfis

  • Economic Times

Proceeds from the deal will be primarily utilised to expand capacity, according to Amit Ramani, chief executive of Awfis.

ChrysCapital, India’s largest homegrown private equity firm, has led a $30 million (about ?213 crore) equity funding round in coworking space provider Awfis Space Solutions, both the firms said on Tuesday.

Proceeds from the deal, which was first reported by ET in its May 30 edition, will be primarily utilised to expand capacity, according to Amit Ramani, chief executive of Awfis.

“We’ve been pretty prudent with the capital raise that we have been undertaking, and the capital has been deployed very judiciously. This round allows us to expand our capacity to over 100,000 seats by 2020, and 200,000 seats by 2022,” Ramani told ET.

Sequoia Capital and Three Sisters, the family office of Yes Bank promoter Rana Kapoor, the two existing investors in Awfis, also participated in the funding round.

ChrysCapital has invested from its seventh fund, the 2016 vintage, $610 million ChrysCapital VII. Ramani also said the company plans to cap the round at $30 million.

Maple Capital Advisors acted as the sole financial advisor to Awfis for its latest round of fund raising. The Delhi-headquartered company, which competes with the likes of SoftBank-backed WeWork and Oyo-owned Innov8, among others, has raised a shade over $80 million in a mix of debt and equity financing till date.

The four-year-old company, which manages about 2 million square feet across India, also counts Temasek-backed venture debt firm InnoVen Capital as an institutional backer.

The development comes as India’s still-nascent co-working sector continues to expand, with investor interest keeping pace with what is seen as a real estate play underpinned by a technology foundation.

“The whole (Awfis) team and systems are originated around providing customers with flexibility… Ultimately, this is a services-led product, and not just a real estate play, which makes them a great fit for us,” Kshitij Sheth, vice-president at ChrysCapital, told ET.

Earlier this year, SoftBank-backed OYO Hotels & Homes acquired a majority stake in Gurugram-headquartered co-working space provider Innov8 for an estimated Rs 200-Rs 220 crore.

On Tuesday, ET was the first to report that BlackRock, the world’s largest asset manager, had led a $53 million (about Rs 375 crore) debt financing round in Gurugram-based co-working startup GoWork, marking its return to the Indian startup ecosystem after more than five years.

ChrysCapital’s investment in Awfis is its first in the broader co-working segment, and also a rare one by the storied investment firm, which manages assets of over $4 billion, in India’s new economy sector, given that it has primarily preferred to back companies operating in core sectors ranging from financial services, information technology and consumer.

“Co-working has changed the way commercial real estate business is conducted globally and has picked up a lot of steam in India, with Awfis leading the disruption. Awfis’ sustainable approach to business, superior performance and strong customer focus has encouraged ChrysCapital to associate with them,” Sheth said.

Awfis, which currently has 30,000 seats across 63 centres spread across nine cities – Mumbai, Delhi NCR, Bengaluru, Hyderabad, Kolkata, Pune and Chandigarh – plans to enter Tier-2 cities, including Jaipur, Ahmedabad, Bhuvaneshwar, Kochi and Indore.

For the financial year 2018-19, the company said revenue grew to Rs 165 crore from Rs 56 crore. It has reportedly projected a topline of Rs 300 crore in the current financial year.

Please visit the below links to read the published article:

https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/awfis-raises-30-million-from-chryscapital-sequoia/articleshow/70552533.cms?from=mdr

This article was also published on other news portals:

Economic Times-ChrysCapital leads $30 million round in Awfis

ET Tech-Awfis raises $30M from ChrysCapital & existing investors

Times of India-Awfis raises USD 30 mn fund from investors including ChrysCapital,
Sequoia

ET Rise-ChrysCapital leads $30 million round in Awfis

VC Circle-ChrysCapital leads Series D funding round for co-working startup Awfis

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

Inc42-Awfis Raises $30 Mn In Series D Funding Led By ChrysCapital

Business Standard-Awfis raises USD 30 mn fund from investors including ChrysCapital,
Sequoia

Business Standard-Awfis raises $30 mn in fourth round of funding led by ChrysCapital

Financial Express-IT sector, co-working players driving office space absorption

The Hindu-Awfis raises $30 million for expansion

Live Mint-Awfis raises funds from ChrysCapital, other investors

ET Realty-ChrysCapital invests $30 million in Awfis

Entrackr-Awfis bags $30 Mn Series D round from ChrysCapital, Sequoia and
others

People Matters-Awfis on an expansion spree, secures $30 million funding led by
ChrysCapital

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

TechStory-Awfis secured $30 million in series D round

CNBC TV18-Awfis raises $30 million funding from ChrysCapital

BloombergQuint-Awfis Gets $30 Million Funding From ChrysCapital, Sequoia, Other
Existing Investors

Financial Express-IT sector, co-working players driving office space absorption

Devidiscourse-Awfis raises USD 30 mn fund from investors including ChrysCapital,
Sequoia

The Indian Wire Delhi-based Awfis raises $30 million in series D round from
ChrysCapital, Sequoia Capital India, other

Moneycontrol-Awfis raises $30 million fund from investors including ChrysCapital,
Sequoia

Magicbricks-0hrysCapital invests $30 million in Awfis

In Shorts-Awfis raises $30 mn in Series D funding led by ChrysCapital

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

Daily Hunt-Awfis Raises $30 Mn In Series D Funding Led By ChrysCapital

Outlook Awfis raises USD 30 mn fund from investors including ChrysCapital,
Sequoia

Your Story-[Funding Alert] Awfis raises $30M in Series D from ChrysCapital,
Sequoia, Three Sisters

Hindu Business Line- Awfis raises $30 mn funding from ChrysCapital

Bloomberg Quint Deal Street-India’s Co-Working Startups Are On A Roll Raising Funds

IBG News-Awfis on an Expansion Spree, secures $30 Million Funding Led by
ChrysCapital

UNI-Awfis on an expansion spree, secures $30 million funding led by
ChrysCapital

India News &
Times-Awfis on an expansion spree, secures $30 million funding led by
ChrysCapital

Business News
This Week-Awfis on an Expansion Spree, secures $30 Million Funding Led by
ChrysCapital

99 Acres-Awfis secures additional funding led by ChrysCapital

Deal Street Asia-Co-working startup Awfis snags $30m led by ChrysCapital, joined by
Sequoia

The Tech Portal-Indian co-working space provider Awfis scores $30 Million in fresh
round

Sohu-Overseas Venture Capital Morning News | Two Indian joint office
service providers announced financing on the same day

Tech in Asia-Indian co-working firm Awfis secures $30m in series D round

Fortune- What’s Going on With SoftBank’s Second Mega-Fund?: Term Sheet

Aithority-Will this Indian Coworking Startup Disrupt Workplace?

KrAsia-India co-working space sees new funding wave as market expands

Nikkei Asian
Review-India coworking sector receives fresh funds as market expands

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

How coworking players are enabling India Inc's return to office

12 April 2021

How coworking players are enabling India Inc's return to office

  • Posted by Arathy Nair

While working from the office space provides employees with an adequate work environment, corporates are also partnering up with coworking spaces to ensure equal opportunities for the workforce working remotely.

In almost a year, the Covid-19 pandemic has upended decades of conventional wisdom about the nature of work. With things slowly returning back to normalcy and vaccine distribution being in full swing, companies are gradually looking to return to the workspaces thereby requiring them to realign their workspace strategies to adhere to the new normal.

There’s no question that the workplace will never quite be the same again. So, what will return to the office look like? While there are still many unknowns, the ideal future workspaces will be a balance between remote working, collaboration and social distancing. Companies must reconfigure how they operate to help meet the new demands of workers, prioritizing effective communication and safety.

Most corporates are adopting a hybrid model of working to ensure a more seamless return to work. A hybrid model of work allows some employees to work remotely while others work from the office premise thereby ensuring safety of all employees. While working from the office space provides employees with an adequate work environment, corporates are also partnering up with coworking spaces to ensure equal opportunities for the workforce working remotely.

Today, coworking spaces are playing an instrumental role in this realignment process of returning to work given the various benefits these players can provide to organisations across sectors with their wide network of centres through hybrid and flexible working options.

Let’s look at the role coworking spaces play in supporting the concept of new workspaces in the short and long term –

From Touch to Tech

With the fundamental shift in workspaces, transformational technology is going to play a critical role. Flexi players have already adopted the status quo by leveraging digital tools to improve business operations and communication. Existing technologies have been upgraded to completely eliminate the need for any surface contact which now allows QR code-based touch-free access, geo-tagging of attendance, touchless transactions, ordering of F&B, managing seats & meeting room bookings, and raising & tracking of issues.

Redesigning for the new normal

Keeping the social distancing norms in mind, coworking spaces have redesigned their existing floor plan to ensure that every workstation has the stipulated six feet distance from each other. Additionally, an adaptable floor layout at the new centres can be easily modified to the needs and requirements of community members. Capacity of existing meeting rooms have been halved and seats have been tagged to ensure safety of each member, which instil a sense of confidence for the workforce to operate out of a coworking space.

Safety first

Apart from implementing social distancing measures, flexi spaces are following stringent standards of safety for optimum protection of the community members. UV sanitization of meeting rooms after each use, thermal scanning at the entrance and visitor management system further facilitates for a safe working environment.

One office many addresses

An added support that flexi spaces provide are their large network of centres spread across multiple locations in various cities for the convenience of the employees. Work from home has made employees realize the value of time and money spent on commute. To ensure safety by avoiding long commutes in public transport and to save on time and money, the workforce is increasingly focusing on work near home options. With their vast presence, coworking spaces can emerge as the optimum choice for individuals as well as organisations to meet their needs.

As workers begin returning to work, the coming months will prove to be a pivotal moment for employers and employees alike. Coworking spaces will help organizations chart a strategic course towards ensuring a safe return to work by continuing to be the partner of choice amidst this new normal.

This story appeared in the April 8, 2020 issue of  Economic Times -HR World  and is authored by Amit Ramani, Founder and CE0, Awfis. This article was originally published at : How coworking players are enabling India Inc’s return to office, HR News, ETHRWorld (indiatimes.com)

Hybrid working model will help employees save time and money on commute

15 March 2021

Hybrid working model will help employees save time and money on commute

  • Posted by Arathy Nair

The future of work will be about ‘anywhere, anytime’ as office spaces will act as a central hub for collaboration, innovation and organizational culture, according to experts.

In a webinar by Awfis, home-grown flex workspace provider- India Inc’s Return to the Workplace: Strategies for the New Office’, experts said that pandemic has accelerated the digital transformation for businesses by providing an opportunity to reimagine the future of work. Companies are trying to adapt to these changes to provide a solution that works best for their employees.

“We are in the midst of some of the largest transformation of the decade that will forever redefine how work gets done in India Inc. While WFH did help businesses survive the lockdown, there is a general fatigue that has arisen from lack of social interactions significantly affecting company cultures,” said Amit Ramani, CEO & Founder, Awfis.

While WFH was proclaimed as the new normal, it has proven to be a non-viable solution in the long term for substantial portion of the workforce which has resulted in employees across the globe to look for solutions that offer ample flexibility and collaboration.

Furthermore, the inability of Indian households to support a long term WFH due to infrastructural constraints has led to the adoption of hybrid work models by various companies.

The hybrid model of working answers all aspects, whether it is related to employers, employer or the environment. It is an effective and efficient way for companies to adopt the future of working. An amalgamation of all these facets has demonstrated that the hybrid model of working is here to stay,” said Sameer Saxena, India Real Estate Services Leader at Marsh & McLennan Companies.

Niraj Basotia, Group COO, Usha Martin Technologies said that the evolution and preparedness of companies in terms of infrastructure and cyber security will determine how fast they are able to adapt to a hybrid culture and make it successful for their employees.

Additionally, employee discipline and management’s trust in the employee will go hand in hand in defining how the hybrid model of working will take shape,” Basotia said.

Experts said that blurring of lines between personal spaces and professional space can cause fatigue amongst employees and put into question the feasibility of a WFH scenario.

The new office will become the meeting point driven by quality. Today, organizations are evaluating and experimenting until a new model for real estate evolves. Focus of organisations is on maintaining and enhancing social capital and culture,” said Viral Desai, National Director Office Transactions, Knight Frank India.
According to Shamsher Sindhu, Vice President & Head RES, APAC, Mastercard, the three key pillars that basis which organizations were able to curate a seamless employee experience in a pre-pandemic world were – organizational culture, technology and physical space.

“While these three pillars remain will remain essential, it is imperative to note which of these pillars will be more important in the current scenario,” Sindhu said.

Organizations are focusing on contactless solutions, proximity based solutions and IoT based solutions. Most of these solutions will help productivity of employees and support them to work on the go. Smart offices will be the future with more focus on agility and collaborative spaces.

Work has moved from a workplace centric world to a work centric world. Organizations are now looking at converging work, workforce and workplace.

The pandemic just changed certain dynamics of the physical workplace and has hastened the realization that work is not somewhere you go, but something you do. It’s not a change, but a fundamental shift,” said Praveen Vasudeva, Country Head, India- Global Real Estate & Facilities, SAP.
Prestige Group, Awfis in tieup for six co-working spaces in South India

15 March 2021

Prestige Group, Awfis in tieup for six co-working spaces in South India

  • Posted by Arathy Nair

: Real estate developer Prestige Group and co-working office space provider Awfis have entered into a strategic partnership to add six new flexible office centres to their portfolio in Bengaluru, Chennai and Hyderabad.

Through this alliance, Awfis will offer more than 200,000 square feet of Grade-A flexible office spaces with total capacity of more than 4,000 seats within Prestige Group’s commercial properties in the three South Indian cities.

The revenue sharing strategic association has a tenure of six years with an extension clause.

“We intend to deepen this partnership with Prestige further and expand across other micro-markets and buildings,” said Amit Ramani, CEO and founder of Awfis. He said several large corporates and multi-national companies have been turning towards a hybrid model of work over the past two months, creating increasing demand for co-working spaces.

Juggy Marwaha, CEO of Prestige Office Ventures, said: “This partnership will help us to accelerate our plans to strengthen our office portfolio and increase our offering to our large clients, while leveraging the strength of Awfis’ proven credibility in the co-working space across India. Considering the evolving consumer needs in light of the pandemic, we are bullish on the scope of our association and the longevity of the co-working model in India.”

The companies said they will explore opportunities for more such centres in South, North and West India.

Prestige is adding nearly 6 million square feet to its portfolio in prime locations in Mumbai, like Worli and business district Bandra-Kurla Complex (BKC).

Of the six centres under the current agreement, four are in Bengaluru’s prime commercial locations — Whitefield (two), Koramangala, and Outer Ring Road — while the others are in Guindy, Chennai, and Begumpet, Hyderabad.

The partners will share expenses of fitout and interiors works that will commence as soon as these buildings are ready.

With this partnership with Prestige Group, Awfis will add 10% new capacity to its portfolio of 75 coworking centres and 40,000 seats across 11 cities in the country. The company is working on a plan to expand its total capacity to over 60,000 seats by December end including its independent expansion strategy and this tie-up.