Redefining Business Spaces

13 October 2016

Redefining Business Spaces

  • Business Standard

Technology integration is the next big thing for co-working firms  

While informal office sharing has always existed, the emergence of co-working spaces has become the mainstay for start-ups, entrepreneurs, consultants and freelancers seeking flexible, budget-friendly and professional work solutions. The onset of co-working businesses globally was a step towards breaking longstanding barriers in commercial real estate replacing lengthy leases and security deposits by enabling just in-time use of space. Coworking players then took this to a new level by offering attractive value added services, attractive membership schemes, preferential access to member services, partnerships with other start-ups and mentoring facilities, among others. Now technology integration is emerging as the next big thing for co-working firms looking at creating a niche.

First, the creation and designing of co-working spaces itself has enormous technology integration potential with designers visualising them in 3-D formats from the very start. This helps them to create integrated systems with Building Information Modeling (BIM) that allows making visuals, construction documents and cost estimates in days rather than months. With new-age BIM systems the whole process enables creation of flexible spaces quickly and built in a pop-up format for just-in-time use.

App-based co-working services are still to catch up in India. They can enable users to browse, book and consume the space in an “Uber”-like format and efficiently manage it. Technology integration is also possible through mobile/web-based platforms that provide guided discovery to identify and opt for locations, services, timings and amenities allowing members to choose workspaces that best suit their needs. Through smartphone this cutting-edge technology can allow them an immersive virtual tour of the space, while picking the best seat/section. New-age technology is also making it possible to move around furniture and redo the spaces before occupying them.

Secondly, a mobile app-based community feature provides the opportunity for users to engage with other individuals or companies. As the providers and consumers of these services are located in a collective ecosystem it provides a trusted closed loop network of coworkers that can benefit from allowing members to interact, share knowledge, collaborate and engage incremental results.

Co-working space firms also allow users to analyse building access patterns, internet and printing usage, furniture usage, collaboration zone interactions and items bought through access cards, CCTV and point of sale. Access to big data can allow corporate and start-up owners to map and analyse user trends that can be beneficial in working towards solutions that enhance productivity. Co-working centres can also leverage technology by operationalising the centres to optimise expenses, manage quality and grow revenues.

Finally, the co-working movement has the opportunity to research and suggest improvements to “ways of working”, making users highly productive and delivering higher returns for all stakeholders. With technology, the communities (freelancers, entrepreneurs, solopreneurs, small and medium enterprises and start-ups) that form the core target audience for co-working businesses can facilitate crowdsourcing of ideas and deliver results that could change the idea of organisations, employees and the way work gets done.

The co-working movement is the start of a revolution which, if integrated with innovative technology, will result in redefinition of office space consumption. India is witnessing a revolution in the start-up and entrepreneurial culture. The anytime, anywhere network of spaces is here to stay and technology-enabled co-working spaces will provide the right platform to the Indian workforce.

This Awfis coverage appeared in Business Standard on October 13, 2016 under the title ‘Redefining Business Spaces’. You can read the story at http://www.business-standard.com/article/management/redefining-business-spaces-116101200859_1.html
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Awfis to triple number of co-working seats to 12,000 in Pune

06 November 2018

Awfis to triple number of co-working seats to 12,000 in Pune

  • Posted by Awfis Editorial

Co-working operator Awfis plans to expand aggressively in Pune by tripling its number of centres to 21 over the next one year driven by huge demand for shared office space in the city from startups and corporates, a top company official said.
Awfis, which was founded in April 2015, entered Pune market 18 months back and has established seven centres with a seating capacity of over 4000. Now, it has chalked out a plan to add 8,000 seats more by opening 14 new centres over next one year.

Overall, the company has 55 centres, comprising 25,000 seats, across nine cities. A seat costs anywhere between Rs 5,000 and Rs 15,000 in its centres.

It posted a revenue of Rs 57 crore last fiscal and the same is expected to reach Rs 170 crore this financial year.
“Pune has proved to be an ideal eco-system of startup entrepreneurs, SMEs and corporates, where Awfis is determined to continue its growth trajectory and provide best in class shared workspaces to facilitate businesses. We aim to open 14 new centres over the next one year, taking the total capacity to 21 centres and 12,000 seats in this city,” Awfis founder & CEO Amit Ramani told PTI.
“We have recently tied up for one centre in Pune with over 600 seating capacity,” he said, adding that the company would soon lease space for other centres.

Awfis has opened its workspaces across all key business centres in the city and is catering to clients such as Vodafone, Hinduja Group and Michelin Tyres.

The company aims to create a strong ecosystem for corporates, SMEs and startups to nurture the spirit of innovation and enterprise in the region.

Sumit Lakhani, Chief Marketing Officer, Awfis, said “Pune is undoubtedly one of the fastest growing cities in India and is seeing a lot of demand for superior workspaces by MNCs, SMEs and startups.”

Awfis currently has centres in Bengaluru, Mumbai, Delhi, Gurgaon, Noida, Hyderabad, Kolkata, Pune and Chandigarh. In wants to expand operations in Tier II markets to achieve its target to establish over 200 centres with 1,00,000 plus seats by 2020.
The company had in July raised USD 20 million (about Rs 137.57 crore) from a few investors, including Sequoia India, for expanding its operations and could raise more if required. Since inception, the company has raised USD 51 million.

To read this article visit the below links:

Times Of India:
https://timesofindia.indiatimes.com/business/india-business/awfis-to-triple-number-of-co-working-seats-to-12k-in-pune/articleshow/66511616.cms

MoneyControl:
https://www.moneycontrol.com/news/business/awfis-to-triple-number-of-co-working-seats-to-12000-in-pune-3132901.html

Business Standard
https://www.business-standard.com/article/pti-stories/awfis-to-triple-number-of-co-working-seats-to-12k-in-pune-118110500758_1.html

Outlook:
https://www.outlookindia.com/newsscroll/awfis-to-triple-number-of-coworking-seats-to-12k-in-pune/1416208

Awfis to expand co-working space four-fold by 2020; to be profitable in FY19

28 September 2018

Awfis to expand co-working space four-fold by 2020; to be profitable in FY19

  • Posted by Awfis Editorial

With rising demand of shared office space, co-working operator Awfis has chalked an aggressive plan to expand its business by four times to 200 centres comprising one lakh seats over the next three years.

The company had in July raised USD 20 million (about Rs 137.57 crore) from a few investors, including Sequoia India, for expanding its operations and could raise more if required, its founder and CEO Amit Ramani said.

Awfis, which was founded in April 2015, will become profitable at entity level from next month, while centres are already making money, he added.
“We currently have 55 centres in 9 cities, comprising about 25,000 seats with a member base of over 15,000,” he told PTI.

Its centres are in Bangalore, Mumbai, Delhi, Gurgaon, Noida, Hyderabad, Kolkata, Pune and Chandigarh.
The target is to reach 100 centres and 42,000 seats in the next 10-12 months, Ramani said. “By 2020, we are targeting to reach 1,00,000 seats in about 200 centres,” he added.
Asked about the revenue, Ramani said the company achieved a topline of Rs 57 crore last fiscal and the same is expected to reach Rs 170 crore by end of this fiscal.

On further funding, he said the company has recently raised USD 20 million in series C funding from marquee investors Sequoia India and Innoven Capital as well as TTS:IO. Since inception, the company has raised USD 51 million.

“We have been successful in attracting institutional investors’ money,” Ramani said.
Besides cities where Awfis has presence, he said the company plans to enter tier II cities like Jaipur, Ahmedabad, Bhubaneshwar, Kochi and Indore.

“Our priority is to deepen the penetration in existing markets and enter new cities with focus on tier II locations. By 2020, we will have more than 50 centres each in Mumbai and Delhi-NCR,” he added.
With the growing demand for co-working spaces, Ramani said there is a focus on transforming under-utilised real estate assets and providing affordable work spaces for entrepreneurs.

Awfis provides co-working space in a price range of Rs 5,000-15,000 per seat.
Ramani said the company has developed a tailor-made mobile application that enables users to find, review, book work spaces in its centres on real time basis.

“We are now focusing on mobility solutions, like national pass, virtual office, Awfis roaming and bulk meeting room hours, that have been designed with the aim to enable professionals to work seamlessly from anywhere,” he added.

To read this article visit the below links:

Business Standard- https://www.business-standard.com/article/pti-stories/awfis-to-expand-co-working-space-four-fold-by-2020-to-be-profitable-in-fy19-118092800286_1.html

Times Of India- https://timesofindia.indiatimes.com/business/india-business/awfis-to-expand-co-working-space-four-fold-by-2020-to-be-profitable-in-fy19/articleshow/65990943.cms

Economic Times- https://realty.economictimes.indiatimes.com/news/commercial/awfis-to-touch-rs-170-crore-revenue-by-mar-2019-ceo-amit-ramnani/65991493

MoneyControl- https://www.moneycontrol.com/news/business/awfis-to-expand-co-working-space-four-fold-by-2020-to-be-profitable-in-fy19-2995551.html

Outlook India- https://www.outlookindia.com/newsscroll/awfis-to-expand-coworking-space-fourfold-by-2020-to-be-profitable-in-fy19/1392398

Co-working firm Awfis eyes aggressive expansion after fund infusion

27 August 2018

Co-working firm Awfis eyes aggressive expansion after fund infusion

  • Posted by Awfis Editorial

The firm aims at its raising seat capacity to 40,000 in a year and it aims at foraying into six new cities including Chennai and Bhubaneshwar.

With a war chest of $20 million raised from Sequoia Capital and a family fund run by Yes Bank founder Rana Kapoor’s daughters, home-grown co-working operator Awfis is planning to expand aggressively in the next one year taking its total capacity to around 40,000 seats, 60 per cent more than its present level of 25,000.

The company, which eyes spreading its geographical footprint to 15 cities from the present nine, may also explore the possibility of going public in the next three years when it hopes to touch a turnover Rs 12 billion. The company’s revenue in FY18 stood at Rs 1.5 billion.

Currently, Awfis operates in 9 cities including New Delhi, Mumbai, Hyderabad, Pune, Kolkata, Noida and Gurugram, and is planning to enter into Chennai, Ahemdabad, Indore, Jaipur, Kochi and Bhubaneswar by March 2018.

“Our supply side acquisition cost is much lower than other players which give us the flexibility to grow faster than them. Currently, apart from the straight leasing of space, we are partnering with the landlords where we don’t have to incur any fixed cost,” said Amit Ramani, Founder & CEO of Awfis.

“With decent EBIDTA margin and a pedigree of profit for three years, IPO is definitely an option and we will certainly look at it as an opportunity in next 3-4 years,” he added. The co-working operator, which claims to be already operational profitable, is hopeful of posting an entity-level profit in October this year.
The country has seen a number of entrants in co-working space in recent years, including companies such as Regus, 91springboard, InstaOffice, Innov8 and CoWork India. Global shared workspace provider, WeWork which has a presence in 15 countries, has also started operating in India in a tie-up with Bengaluru-based real estate developer, Embassy Group.

According to a report by real estate consultancy firm Colliers International, co-working operators absorbed seven per cent of total office space transactions in the first half of this calendar year, which stood at 24 million square feet.

Apart from partnering with property owners, Awfis is also leasing space in malls to meet the growing requirement. It operates around 30,000 square feet office space in Ambience mall at Gurugram. It has also opened centres in Raghuleela and Heera Panna mall in Mumbai and Nucleus mall in Pune.

“80 per cent of our customer base comes from corporates and SMEs while the rest comes from startups,” Ramani said.

Established in 2015, Awfis has so far raised $50 million in venture funding in multiple rounds. In the last round raised in April this year, the co-working operator raised $20 million from its existing investors Sequoia Capital, The Three Sisters: Institutional Office (TTS:IO) led by Radha Kapoor, and Temasek Group company InnoVen Capital.
“With the current round of fund raising, we are sufficiently capitalised till March of next year. Post this period, we will take a call,” Ramani added.

Visit the below link to read the online article:

https://www.business-standard.com/article/companies/co-working-firm-awfis-eyes-aggressive-expansion-after-fund-infusion-118082600429_1.html