Awfis raises additional money in a prolonged Series E round
- ByStartupStory | December 5, 2022
Awfis Space Solutions, a provider of coworking solutions, has raised Rs 15 crore in a Series E1 round that was sponsored by Bisque Limited, an existing investor. With this, the Delhi-based company’s ongoing Series E round has raised Rs 80 crore.
According to a regulatory filing with the Registrar of Companies, the board at Awfis has approved a special resolution to allot 10,39,706 Series E1 compulsory convertible preference shares (CCPS) at an issue price of Rs 144.27 per share in order to raise Rs 15 crore, or $1.83 million.
Link Investment contributed Rs. 23 lakh and Bisque Limited contributed Rs. 14.77 crores, taking the lead in the round. Ashish Kacholia, Bisque Limited, and Link Investment each invested Rs 50 crore, Rs 14.77 crore, and Rs 23 lakh in the company’s Series E round in June, for a total of Rs 65 crore.
According to estimates, the corporation is worth about $110 million (post-money). Including a debt round of Rs 40 crore in March 2021, the company has raised about $100 million to date. In a Series, E round led by Ashish Kacholia and including previous backers Bisque Limited and Link Investment, the company raised Rs 65 crore in June. In this round, the company might raise more money.
Awfis, a company founded in 2014, offers startups, SMEs, major corporations, and MNCs workspace solutions for independent contractors. The business asserts to have 77,500 seats at over 130 coworking locations spread over 15 cities. Awfis saw a scale increase of 44.4% to Rs 257 crore in FY22 from Rs 178 crore in FY21. As per the company’s annual financial statement with the RoC, its losses climbed 33.8% to Rs 57 crore in FY22 from Rs 42.6 crore booked in the preceding fiscal year.
Awfis is also preparing to give a $30 million cash exit to its early sponsors DOIT Urban and RAB India Enterprises. About the development, there were only reports in October. This seems to be the business’s first significant secondary transaction. According to a media report, Awfis intends to raise $500–$600 million through a public listing by the following year. According to the report, it will raise primary and secondary capital, with the former funding expansion and growth.
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