From ‘office’ to Awfis (yes, we get the idea here, very nice!), the Indian coworking space is truly bubbling with innovations and startup themes. This week has been good so far with two Indian startups from the coworking space scooping major funding rounds. First, we covered GoWork, and now, it’s hustle time for Awfis.
The coworking startup has just confirmed raising$30 million from PE firm, ChrysCapital.
Amit said 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.”
Currently, Awfis has a growing footprint across seven Indian cities -Delhi, Pune, Hyderabad, Bangalore, Gurgaon, Mumbai, and Noida. The top-notch products offered are:
- Virtual Office
- Bulk Meeting Hours
- Flexible Seats
- Meeting Rooms
- Mobility Solutions
In the modern business, co-working solutions can save companies millions with outsourced, readymade plug-and-play mobility and virtual office suite. From driving employee experiences to delivering on flexible work timing, co-working solutions are slated to be the ‘new normal’ in the era of a mobility-driven ecosystem.
The biggest players in the co-working space are:
According to an independent survey on coworking spaces, 70% of such set-ups with a minimum of 200 employees are profitable. In the highly competitive start-up businesses that are looking to digitally transform their operations, Coworking could help break-even and earn profits faster than earlier anticipated.
The Future of Coworking?
The overall number of globally recognized coworking spaces would touch 20,000 and reach 26,000 in the next 3 years. The projected growth is 42% between 2019 and 2022. In this fast-paced disrupted Indian startup ecosystem, we expect players like Awfis to make a name for themselves in the coming months.