Shared workspace provider Awfis Space Solutions, has raised $20 million from Sequoia Capital to help it grow its co-working centres by more than four times across India in the next two years.
Awfis, which currently runs 21 shared workspaces in Delhi NCR, Bengaluru, Mumbai, Pune and Hyderabad, is looking to open 100 co-working spaces in the next couple of years, increasing the seat counts in its centres from 7,500 to 35,000, the company has said.
Awfis's shared workspace centres are designed to help people work near their homes, a trend expected to gain popularity in big cities in the coming months as traditional office spaces get more expensive. The workspaces come equipped with office amenities such as desks, conference rooms that companies can rent to save on costs. For employees, it helps them cut long commutes and increase productivity, according to Awfis' founder Amit Ramani.
"No one sits at their desks and gets their work done. Today's workforce is mobile and we want to cater to this set of growing professionals in the country with a shared economy platform like ours," Ramani told TOI.
Awfis is backed by Ramani and family offices associated with Yes Bank's Rana Kapoor, and together they have invested $11 million.
Recently, US-based co-working space provider WeWork has also announced plans to expand in India, forming a joint venture with Bengaluru-based Embassy Group. WeWork has leased a 16-storey building in Mumbai's Bandra Kurla Complex, Mint reported.