Sequoia Capital invests $20 million in Awfis, a shared workspace start-up
Shared workplace start-up Awfis Space Solutions will use Sequoia Capital’s $20 million investment to fund its expansion plans.business Updated: Apr 26, 2017 10:53 IST
Awfis Space Solutions, a start-up that provides shared workspaces, has raised $20 million from Sequoia Capital India to fund its expansion plans.
Awfis, which operates 21 workplaces across the National Capital Region (NCR), Bengaluru, Mumbai, Hyderabad, Pune and Kolkata, will use the funds to expand to more than 100 centres in two years, the firm said. It plans to raise the total seat count in its centres to 35,000 from about 7,500 now.
Sequoia’s investment displays the growing investor interest in the area of shared offices, which has seen a number of branded co-working facilities mushroom in metropolitan cities in the past few years.
Currently, the biggest entities in the segment are 91springboard (present in NCR, Hyderabad, Mumbai and Bengaluru), Y Combinator-incubated Innov8 (Delhi, Chandigarh and Bengaluru) and InstaOffice (Gurgaon, Bengaluru and Delhi), besides smaller region-only firms like CoWork India (Bengaluru), AltF Coworking (Delhi and Gurgaon) and Blume Ventures-backed BHIVE (Bengaluru).
WeWork, a leading shared workspace provider with a presence in 15 countries, has also entered the subcontinent.
Awfis, which opened its first facility in Delhi in 2015, is a joint venture between Amit Ramani, the founder and managing director of real estate design consulting firm Nelson India, and The Three Sisters: Institutional Office, a family-run investment firm managed by Yes Bank founder Rana Kapoor’s daughters.
For the full story click here: http://www.livemint.com/Companies/0FWcMgxPD02MyvDjl2gOEL/Sequoia-Capital-invests-20-million-in-Awfis-a-shared-works.html
First Published: Apr 26, 2017 10:53 IST