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.

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This article was also published on other news portals:

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Awfis leases 85,000 sq ft space in Noida, Real Estate News, ET RealEstate

10 May 2022

Awfis leases 85,000 sq ft space in Noida, Real Estate News, ET RealEstate

  • Posted by Awfis Editorial

Currently Awfis has 11 co-working centres in the Delhi-NCR region and the company plans to open 10-15 more centres in the market by the end of 2022.

Awfis, a flexible workspace provider, has leades 85,000 sq ft space in River Side Tower, sector- 125, Noida. The centre will have over 1500 seats and is expected to go live by end of March 2022, the company said in a media release.

Currently Awfis has 11 co-working centres in the Delhi-NCR region and the company plans to open 10-15 more centres in the market by the end of 2022.

Amit Ramani, CEO & Co-Founder of the company said, “We are delighted to partner with River Side Tower to open this new ’workspace in Noida.The sharp recovery and the growing demand for flex workspaces from this region inspired us to continue to create garde-A flex workspaces, so as to facilitate businesses of all size in the market. We are confident that this trend will continue to grow and even the most traditional companies will see merit in setting up hub and spoke offices to help people work in close proximity to their homes allowing them to spend lesser time in commuting.”

The company claims to have launched over 50 centres with 30,000 seats and entered three new markets in the past 15 months.

Awfis plans to open 200 centres across the country by the end of 2022. It currently has 121 centres with 70,000 seats across 14 cities.

This story appeared in the 9 February, 2022 issue of MSRealty and was originally published  at: Awfis leases 85,000 sq ft space in Noida – ET Realty

 

Awfis added 1,500 seats in Noida, leases 85,000 sq ft.

10 May 2022

Awfis added 1,500 seats in Noida, leases 85,000 sq ft.

  • Posted by Rashika Chandorkar

Home-grown flex workspace provider has added over 1,500 seats at a coworking centre in River Side Tower, sector 125, Noida. The new centre, which will go live by end of March 2022, is part of Awfis’ vision of opening 200 centres across the country by the end of 2022.

The centre is spread in 85,000 sq ft area. The flex space adopts a digital-first approach and is equipped with plush and modern amenities whilst maintaining social distancing norms, as mandated.

“We are delighted to partner with River Side Tower to open this new workspace in Noida, which is rapidly emerging as one of India’s leading business hubs for large-scale companies and startups alike,” said Amit Ramani, CEO & Founder.

“In fact, the sharp recovery and the growing demand for flex workspaces from this region inspired us to continue to create grade-A flex workspaces, so as to facilitate businesses of all sizes in the market. We are confident that this trend will continue to grow and even the most traditional companies will see merit in setting up hub & spoke offices to help people work in close proximity to their homes allowing them to spend lesser time in commuting,” he added.

Currently, Awfis has 11 coworking centres in the Delhi-NCR region and the company plans to open 10-15 more centres in the market the by end of 2022.

At the back of strong demand for flex workspaces, Awfis launched 50+ centres with 30,000 seats and entered 3 new markets in the past 15 months. The company currently has 121 centres with 70,000 seats across 14 cities and will continue to strengthen its foothold across India to establish a network of 200 centres in 2022.

Firms in co-working space expanding to tier 1 & 2 cities

10 May 2022

Firms in co-working space expanding to tier 1 & 2 cities

  • Posted by Awfis Editorial

Co-working operators are expandinginto tier-1 and tier-2 cities, driven by the adoption of the hub-and-spoke model by organisations, reverse migration of employees to their hometowns, affordable office rental costs, a growing startup ecosystem and the availability of talent, said industry executives. Large companies are now asking for multi-city space from co-working companies. “We have closed multi-city deals with our existing large enterprise clients in IT/ITeS, BFSI (banking, financial services and insurance), especially in markets like Pune, Noida, Hyderabad, and Bengaluru,” said Harsh Binani, Co-Founder, Smartworks.

In the past six months, demand for tech-enabled managed workspaces has grown threefold, according to industry experts. “With Covid-19 subsiding, we have been observing a substantial increase in the number of queries for our office as an outsourced service. Corporates are determined to lease and divest their office spaces to avoid unwanted longterm commitments and capital expenditures, “said Ankit Jain, Director, Skootr. The company plans rapid expansion in Bengaluru, Mumbai, Pune and Noida in 2022 to cater to the growing demand for offices.

Corporate occupiers are looking for portfolio re-optimisation and focusing on the concept of managed office spaces. “We have sold 6x more seats in the last three months than what we used to sell pre-Covid, with a huge chunk under our demand-led supply model for mid-to-large-sized corporates across tier-1 and 2 cities. We are working towards further expanding our base pan-India with 200 centres by the end of 2022,” said Amit Ramani, Founder & CEO, Awfis.

Half of a large co-working operator’s demand now comes from large occupiers who want satellite offices under the hub-and-spoke model. “For all practical reasons, co-working spaces are the most preferred option for companies to satisfy this demand,” said Nikhil Madan, co-founder, The Office Pass.

According to international property consultant Savills India, about 23% of the leasing in the first two months was for flex and serviced offices. “The first two months of the year have been where we are seeing a shift toward flexible and serviced office solutions. Also, tech demand is likely to pick up with a very strong return to office sentiment,” said Shweta Sawhney, Managing Director, Delhi-NCR, Savills India.

This story appeared in the 23 March, 2022 issue of BrickAcres and was originally published  at : Firms in co-working space expanding to tier 1 & 2 cities- The Economic Times