Co-Working Space Startup Awfis Raises Rs 40 Crore From Existing Investors
Awfis, a Delhi-based Co-working space firm, has raised Rs 40 crore from two existing investors, Bisque Limited and Link Investment Trust.
As per regulatory filings, Bisque Limited has invested Rs 39.4 crore in the co-working firm, whereas Link Investment Trust has invested Rs 60 lakh. Awfis has allotted 39,400 compulsory convertible debentures or CCDs to Bisque Limited, and it allotted 36,878 preference shares to Link.
As per the startup, it will use the raised funds to streamline its operations, which is recovering from the hard knocks of the ongoing pandemic.
Founded by Amit Ramani in 2015, Awfis had claimed to have achieved its pre-Covid monthly sales, but industry experts believe that co-working spaces have hardly regained 50% of their sales.
The majority of Awfis’ clients are large companies with long-term leases, unlike other co-working spaces that cater to startups.
The co-working space firm had managed to improve its financial performance In the fiscal year ending March 2020. As per regulatory filings, Awfis’ operating revenue recorded a 47% jump to Rs 226.4 crore, while its losses rose by only 8% and stood at Rs 67.98 crore in FY20.
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