Coworking solution provider Awfis Space Solutions has raised Rs 15 crore in a Series E1 round sponsored by existing investor Bisque Limited. The Delhi-based company’s ongoing Series E round has now raised Rs 80 crore.
A special resolution to issue 10,39,706 Series E1 compulsory convertible preference shares (CCPS) at Rs 144.27 per share was approved by the board at Awfis to raise Rs 15 crore, or $1.83 million.
It operates a coworking network across 17 cities with 150 centres and 88,000 seats. By the end of 2022, it plans to have 200 centres operating across India.
Awfis’ operations have recently expanded to Kochi, and a centre with a 38,000 sq ft area is now open there on Chittoor Road’s Mezhukkattil Matrix.
Awfis plans to develop a strong network in Tier II cities in the upcoming months in line with its expansion plans in emerging metros.
According to the firm’s founder and CEO, Amit Ramani, the need for flexible workspace has increased with the second wave of the COVID-19 pandemic, and the company is targeting to double its revenue to Rs 600 crore in FY23.
He added that the company has already raised about Rs 450 crore from investors and plans to launch its initial public offering (IPO) towards the end of 2023, primarily to raise funds and give exits to investors.